开始：摩根资产管制万博ManBetX客户端

　　资产与资产管制

　　具有里程碑真义的一年，

　　为改日的成效奠定基础

　　新客户数和资金流入立异高

　　接近5，000亿好意思元——着实来说是4，900亿好意思元。这个数字代表了客户旧年新寄予给摩根大通资产及资产管制部的净资产总和。在金融危急或市集飘荡时期，摩根大通犹如风暴中的隐迹所，散逸出比频频更认真实光线——2023年亦不例外。好意思国地区银行业所遇到的危急为咱们提供了新的启示，不应将银行业务和贷款视为大批商品。由于投资者坚硬到了这少量，资产及资产管制部旧年迷惑了多量的资金流入，简直是咱们最接近的上市竞争敌手的两倍之多。

　　坚强的投资弘扬和率先的客户惩办有诡计

　　四肢受托东说念主，咱们的雄壮任务是提供永久坚强的投资弘扬。在夙昔的十年里，摩根资产管制有大致80%所管制的资产弘扬优于同行中位数。特殊的投资弘扬，是栽培几十年来握住精进的效果。近1，300位投资大师以及行业率先的计议预算进入，使得咱们好像主动调研近2，500家上市公司，每年进行逾5，000次公司拜谒。因此，在夙昔十年，咱们卓绝93%的股票资产跑赢同行中位数。

　　取得出色的投资事迹绝非易事，但经过多年大范畴的量化宽松之后（频繁会导致资产之间无别离地协同通顺），市集又回到了一个优先斟酌公司和股票基本面的环境，让咱们有充分的意义对各资产类别的投资远景保抓乐不雅。

　　咱们为客户提供专科有用的惩办有诡计，并全力复古客户渡过市集周期，有恃毋恐管待改日的挑战。凭借先进的期间、智能器用和专科能力，咱们的投资照拂人不错随时为客户提供指引，以及个性化的家具和做事。从筹办第一笔投资运转，到制定永久退休筹办，咱们全面笼罩客户多种不同需求。同期，为协助客户支吾退休之后的复杂情况，咱们通过智能退休（SmartRetirement）惩办有诡计提供慎重的政策。

　　不管是选股抑或是市集和资产树立瞻念察，深度计议是咱们开展各项责任的基石。例如，咱们通过《放眼市集》和《摩根大通环球市集纵览》为客户提供独家想法，这些行业率先刊物每年齐会迷惑数十万金融照拂人和数百万客户阅读。此外，凭借对市集的深度了解和丰富的经济学问，咱们提供对投资主题的真切瞻念察，匡助投资者愈加自信地作出投资组合决策。客户不错依赖咱们过滤市集杂音，分歧投资信号。

　　点击此处阅读详确注目

　　注目现实请参阅本年报第57页注目28

　　为激动带来亮眼的投资事迹

　　咱们在多元化投资和业务筹办方面取得了显赫成效，完了范畴抓续增长。本年，咱们冲破多项增长记载，客户总资产范畴增长至5万亿好意思元，收入增长至200亿好意思元，税前收入增长至70亿好意思元——净资产收益率达到31%。咱们取得的收货，齐充分彰显了一个人人概括性平台的力量、优异投资弘扬和全心的客户做事。

　　个性化、治理和管制

　　在管制资产及资产管制业务期间，我从未发现存两名客户领有一模一样的需求、投资筹办和风险承受能力。不管是主权基金依然生人个东说念主投资者，他们的投资波动承受能力、收益及分配条件、税务、投资偏好和积极性等方面，齐有格外机密的别离。例如而言，咱们从收购55ip和OpenInvest取得的独家期间，使得咱们好像献媚逾600种不同的投资政策，并通过智能且高效的方式创造高度定制化的投资组合。咱们知说念，客户能因此有更多聘用的空间——不仅不错聘用投资司理和投资作风，还能聘用不同行业或投资场合，并在得当的时辰聘用税收优化的投资方式。咱们以为，摩根大通的作用不在于告诉客户其投资组合应该包括或放手什么样的行业或若何选股。相背，咱们但愿赋能客户指引咱们的能力，并推动本人投资决策。

　　此外，由于偏好因东说念主而异，因此咱们矍铄不移地将咱们的监管重心放在能最大限制地完了永久激动价值和精粹治理地投票事务上。跟着外包代理投票越来越深广，到2024年底，咱们将在里面建立的投票系统中取消第三方代理照拂人的投票提倡。在提高咱们投票决策透明度的同期，咱们还加多了咱们本人投资者与企业的互动。咱们以为，这些擢升次序将使企业更好地相识咱们在投票问题上聘用独处的原因。

　　投资改日

　　主动ETF和独处管制账户

　　立异是咱们开展业务的中枢。自推出主动型来去所来去基金（ETF）平台以来不到十年，咱们已跃升为人人疏导者——资产管制范畴和净流入名轮番二，并领有人人范畴名轮番一、第三和第五的主动管制ETF（摩根大通股票溢价收益、摩根大通超空头收益及摩根大通纳斯达克股权溢价收益）。咱们坚抓立异。在夙昔一年，咱们扩大了家具供给，新推出17项惩办有诡计（12项好意思国惩办有诡计及5项UCITS惩办有诡计）。一样，咱们对独处管制账户平台充满温雅。收购55ip使咱们好像为客户提供更优化的税务管制及投资组合定制做事，客户也不错更好地限制我方的投资和税务。自该收购以来，咱们在此领域的管制资产范畴加多了16倍。

　　另类资产投资

　　四肢领有逾4，000亿好意思元资产和60年传承的十大管制东说念主兼投资者之一，咱们抓续投资于扩大及扩张咱们在私募股权、对冲基金、私募信贷、房地产和基础要领等领域的另类资产投资能力。在两年前推出摩根大通私募成本（J.P． Morgan Private Capital）后，咱们成效地引入科技、破钞和人命科学等政策。跟着另类资产的投资渠说念抓续拓宽，咱们推出了摩根大通房地产收入信赖（J.P． Morgan Real Estate Income Trust， JPMREIT）及摩根大通私东说念主市集基金（JPMorgan Private Markets Fund， JPMF），后者为业界首批面向个东说念主投资者的私募股权基金之一。总体而言，资产及资产管制部的另类投资在抓续增长。

　　收购

　　咱们最近进行的一项收购是Global Shares，该公司提供人人上市公司及私营公司的股票管制做事。在推行摩根大通Workplace家具供应的同期，咱们以Global Shares为基础，匡助新公司加快成长，饱读舞职工和通盘者进行投资。该诡计的参与者来自100多个国度，况且这一数字仍抓续增长——旧年便高涨了15%。一样弘扬出众的是，自该项收购以来，客户资产增长了32%。咱们还完成了对上投摩根基金管制的收购，将其改名为摩根资产管制（中国）。400名内地资产管制共事认真入驻上海中心大厦，以庆祝这一进击的品牌重塑。这不仅是一次值得记念的时刻，亦然对咱们的共同传承、人人上风以及深深扎根腹地市集的专科学问的一次阐述，因为摩根大通在中国的历史不错追忆到100多年前。

　　严格管控的环境

　　为确保增长好像抓续扩大，咱们悉力于完了特殊的运营——涵盖从强化来去、客户来去经过和资金流动，到简化交互和实施慎重的限制和保险次序等各个方面。其中包括欺诈东说念主工智能来进一步完了简化经过、管制风险以及作出聪敏决策来保护客户安全。此外，这些对咱们基础要领的投资有助于咱们（四肢受托东说念主）对客户投资组合进行一致的经优化压力测试。

　　结语

　　诚如我在担任资产及资产管制首席实践官之初所言，咱们的筹办并非成为范畴最大的公司，而是成为行业最好的楷模。这个最好指的是为客户取得最好的弘扬。投资商量不是一种通俗的商品，让各种各样的多元化家具完了坚强的投资弘扬，并提供一流的提倡及念念维疏导是要道所在。我笃信，凭借咱们的实力，以及咱们关于聚焦改日的投资所作念的快乐和接力，再加向前沿科技和东说念主工智能的匡助，将增强咱们为客户提供做事的能力并复古客户在改日取得成效。通过这些接力完了最好事迹，客户便会用资金流入以报之，从而完了改日的增长。此外，让咱们从通盘竞争敌手中脱颖而出的上风在于：摩根大通饬咱们获取了无可相比的资源、契机及范畴。

　　咱们匡助客户及激动征服了2023年以及过往市集周期的挑战，令我感到无比骄气。咱们的客户资产完了了率先业界的增长，阐述了咱们对履行受托背负和悉力于做事客户最好利益的矍铄快乐。咱们对这种信任和复古深表谢忱，并将延续保抓埋头苦干的心态，无时无刻在责任中追求特殊的改日。

　　1.2020年第四季度，本公司将某些资产管制客户从资产及资产管制部调治到破钞者和社区银行部。上期金额已改良，以得当当期列报。

　　2．脚注现实参见请本年报第57页脚注28。

　　Asset & Wealth Management

　　A landmark year setting the stage for 

　　future success

　　RECORD NEW CLIENTS AND FLOWS

　　Nearly half a trillion dollars — $490 billion to be precise． That sum represents how much net new money clients entrusted to J.P． Morgan Asset & Wealth Management （AWM） last year． During times of financial crises or market uncertainty， J.P． Morgan shines even brighter as a port in the storm — and 2023 was no exception． The U.S． regional banking crises served as a stark reminder that banking and lending are not to be treated as a commodity． As a reflection of this awareness， AWM drew an influx of client flows last year at a rate nearly twice that of our closest publicly listed competitor．

　　STRONG INVESTMENT PERFORMANCE AND LEADING SOLUTIONS FOR CLIENTS

　　As a fiduciary， delivering strong， long-term investment performance is our foremost priority． Approximately 80% of J.P． Morgan Asset Management assets under management （AUM） outperformed the peer median over a 10-year time period． This exceptional investment performance is an outcome of decades of refinement and involves close to 1，300 investment professionals along with one of the industry’s largest research budgets， which enables us to actively cover nearly 2，500 public companies， with over 5，000 company visits annually． This has resulted in more than 93% of our equity assets outperforming their peers over the past decade．

　　Achieving outstanding investment results is never easy， but after several years of extensive quantitative easing — which often led to undifferentiated asset moves in concert with one another — we are returning to a market that prioritizes fundamentals in valuing companies and securities， giving us plenty of reasons to be optimistic about the future for our investors across asset classes．

　　We provide our clients with expertise and effective solutions to support them through all market cycles and prepare them for the future． Equipped with state-of-the-art technology and artificial intelligence （AI）-enhanced tools and capabilities， our advisors stand ready to guide our clients and deliver more personalized offerings — from the first dollar they invest in the markets to the decisions they make about their long-term retirement planning． Simultaneously， to assist our clients in navigating the intricacies of retirement， we offer robust strategies through our SmartRetirement solutions．

　　Our dedication to research is at the heart of everything we do， from stock selection to unique market and asset allocation insights． For example， we deliver exclusive insights to our clients through our proprietary， industry-leading Eye on the Market and J.P． Morgan Guide to the Markets， viewed by hundreds of thousands of financial advisors and millions of clients every year． And we draw on the depth and breadth of our market and economic expertise to provide insights into investment themes to enable more confident portfolio decisions． Clients rely on us to help them distinguish the signals from the noise．

　　Read footnoted information here

　　IMPRESSIVE RESULTS FOR SHAREHOLDERS

　　Our success across our preeminent diversified investment and client franchises drives our consistent growth． This year， our total client assets grew to a record $5 trillion， our revenue to a record $20 billion and our pre-tax income to a record $7 billion — resulting in a return on equity of 31%． These results underscore the power of a global， highly diversified platform with exceptional investment performance and dedicated client service．

　　PERSONALIZATION， GOVERNANCE AND STEWARDSHIP

　　I have never in my time running the AWM franchise found two clients alike in their needs， goals and risk tolerances for their assets． For a sovereign wealth fund or a first-time individual investor， investing is deeply nuanced in terms of volatility tolerances， income and distribution requirements， taxes， preferences and passions． The proprietary technologies we gained from our acquisitions of 55ip and OpenInvest， for example， enable us to combine over 600 different investment strategies to create highly customized portfolios in a smart， efficient way． We know our clients have a choice — not only in managers and investment styles but also in preferences around sectors or tilts and， where appropriate， in a tax-optimized way． We do not believe it is J.P． Morgan’s job to tell clients what to include or exclude inside their portfolio sectors or stock selection． Instead， we empower clients to guide us and drive their own decisions．

　　And because preferences are often personal in nature， we are steadfast in focusing our stewardship on voting matters that maximize long-term shareholder value and good governance． With the increased prevalence of outsourcing proxy voting， by the end of 2024， generally we will have eliminated third-party proxy advisor voting recommendations from our internally developed voting systems． We have also increased our own investor engagement with companies while bolstering transparency on our voting decisions． We believe these enhancements will allow companies to better understand our independent rationale regarding voting issues．

　　INVESTING FOR THE FUTURE

　　Active ETFs and SMAs

　　Innovation forms the core of our business． Having launched our active exchange-traded fund （ETF） platform less than 10 years ago， we have emerged as a global leader — ranking #2 in AUM and net flows， led by having the #1， #3 and #5 largest actively managed ETFs in the world （JPMorgan Equity Premium Income， JPMorgan Ultra-Short Income and JPMorgan Nasdaq Equity Premium Income）． We persist in our efforts to innovate， expanding our offerings by launching 17 new solutions （12 U.S． and five UCITS） in the past year． We are equally enthusiastic about our separately managed account （SMA） platform． Acquiring 55ip enabled us to provide our clients with improved tax management and portfolio customization， and our clients now have greater control over their investments and taxes． Since the acquisition， our AUM increased 16-fold in this area．

　　Alternatives

　　As a top 10 manager and investor， with more than $400 billion in assets and a 60-year legacy， we continue to invest in scaling and expanding our alternatives capabilities across private equity， hedge funds， private credit， real estate and infrastructure． After launching J.P． Morgan Private Capital two years ago， we successfully introduced technology， consumer and life sciences strategies． As access to alternatives continues to widen， we launched J.P． Morgan Real Estate Income Trust （JPMREIT） and JPMorgan Private Markets Fund （JPMF）， which is one of the industry’s first private equity funds available to individual investors． Overall， alternatives across AWM continue to grow．

　　Acquisitions

　　Global Shares， a share plan administrator of both public and private companies around the world， is one of our most recent acquisitions． As we build out our broader J.P． Morgan Workplace offering， we are leveraging Global Shares as the foundation to help new companies accelerate growth and encourage employees and owners to invest． With plan participants from over 100 countries， the number continues to grow — up 15% this past year． Just as impressive， client assets are up 32% since the acquisition． We also completed the acquisition of China International Fund Management （CIFM）， rebranding it as J.P． Morgan Asset Management （China）． We commemorated this pivotal rebrand by moving 400 new onshore colleagues into Shanghai Tower． This served not only as a celebration but also as a testament to our shared heritage， global strengths and deep-rooted expertise in the local market， as J.P． Morgan’s history in China dates back more than 100 years．

　　A rigorously controlled environment

　　To ensure scalable growth， we are committed to operational excellence — from enhancing trades， client transactions and money movement to simplifying interactions and implementing robust controls and safeguards． Some of these efforts are being further enhanced using AI to streamline our processes， manage risk and make informed decisions to protect our clients． Additionally， these investments in our infrastructure help us — as fiduciaries — perform optimized stress testing of client portfolios on a consistent basis．

　　CONCLUSION

　　As I have said from the beginning of my tenure as CEO of AWM， our focus is on being the best in the industry， not the biggest． And by best， I mean the best performer for clients． Advice is not a simple commodity． Strong investment performance across a broad， diversified offering paired with best-in-class advice and thought leadership are critical elements． I am confident that our capabilities and commitment to future-focused investments， as well as enhancements using technology and AI， will bolster our ability to serve our clients and empower them to attain their future success． By achieving optimal results through these efforts， clients reward us with their flows， and future growth will follow． Furthermore， we hold a unique advantage that sets us apart from all of our competitors： Being part of JPMorgan Chase provides us with unmatched resources， opportunities and scale．

　　I am so proud of how we helped our clients and shareholders navigate the challenges of 2023 and previous market cycles． Our industry-leading growth of client assets is a testament to our unwavering commitment to delivering on our fiduciary responsibilities and dedication to serving clients‘ best interests． We are deeply grateful for this trust and will continue to strive for excellence in all we do， each and every day．

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背负裁剪：杨红卜 万博ManBetX客户端