来源：摩根资产管理

资产与财富管理

具有里程碑意义的一年，

为未来的成功奠定基础

新客户数和资金流入创新高

接近5，000亿美元——确切来说是4，900亿美元。这个数字代表了客户去年新委托给摩根大通资产及财富管理部的净资产总额。在金融危机或市场动荡时期，摩根大通犹如风暴中的避风港，散发出比平时更耀眼的光芒——2023年亦不例外。美国地区银行业所遭遇的危机为我们提供了新的启示，不应将银行业务和贷款视为大宗商品。由于投资者意识到了这一点，资产及财富管理部去年吸引了大量的资金流入，几乎是我们最接近的上市竞争对手的两倍之多。

强劲的投资表现和领先的客户解决方案

作为受托人，我们的首要任务是提供长期强劲的投资表现。在过去的十年里，摩根资产管理有大约80%所管理的资产表现优于同业中位数。卓越的投资表现，是耕耘几十年来不断精进的成果。近1，300位投资专家以及行业领先的研究预算投入，使得我们能够主动调研近2，500家上市公司，每年进行逾5，000次公司拜访。因此，在过去十年，我们超过93%的股票资产跑赢同业中位数。

取得出色的投资业绩绝非易事，但经过多年大规模的量化宽松之后（通常会导致资产之间无差别地协同运动），市场又回到了一个优先考虑公司和股票基本面的环境，让我们有充分的理由对各资产类别的投资前景保持乐观。

我们为客户提供专业有效的解决方案，并全力支持客户度过市场周期，未雨绸缪迎接未来的挑战。凭借先进的技术、智能工具和专业能力，我们的投资顾问可以随时为客户提供指引，以及个性化的产品和服务。从规划第一笔投资开始，到制定长期退休规划，我们全面覆盖客户多种不同需求。同时，为协助客户应对退休之后的复杂情况，我们通过智能退休（SmartRetirement）解决方案提供稳健的策略。

无论是选股抑或是市场和资产配置洞察，深度研究是我们开展各项工作的基石。例如，我们通过《放眼市场》和《摩根大通环球市场纵览》为客户提供独家见解，这些行业领先刊物每年都会吸引数十万金融顾问和数百万客户阅读。此外，凭借对市场的深度了解和丰富的经济知识，我们提供对投资主题的深刻洞察，帮助投资者更加自信地作出投资组合决策。客户可以依赖我们过滤市场噪音，分辨投资信号。

点击此处阅读详细注释

注释内容请参阅本年报第57页注释28

为股东带来亮眼的投资业绩

我们在多元化投资和业务经营方面取得了显著成功，实现规模持续增长。今年，我们打破多项增长记录，客户总资产规模增长至5万亿美元，收入增长至200亿美元，税前收入增长至70亿美元——净资产收益率达到31%。我们取得的成绩，都充分彰显了一个全球综合性平台的力量、优异投资表现和用心的客户服务。

个性化、治理和管理

在管理资产及财富管理业务期间，我从未发现有两名客户拥有一模一样的需求、投资目标和风险承受能力。无论是主权基金还是新手个人投资者，他们的投资波动承受能力、收益及分派要求、税务、投资偏好和积极性等方面，都有非常微妙的差别。举例而言，我们从收购55ip和OpenInvest取得的独家技术，使得我们能够结合逾600种不同的投资策略，并通过智能且高效的方式创造高度定制化的投资组合。我们知道，客户能因此有更多选择的空间——不仅可以选择投资经理和投资风格，还能选择不同行业或投资方向，并在适当的时候选择税收优化的投资方式。我们认为，摩根大通的作用不在于告诉客户其投资组合应该包括或排除什么样的行业或如何选股。相反，我们希望赋能客户指引我们的能力，并推动自身投资决策。

此外，由于偏好因人而异，因此我们坚定不移地将我们的监管重点放在能最大限度地实现长期股东价值和良好治理地投票事务上。随着外包代理投票越来越普遍，到2024年底，我们将在内部开发的投票系统中取消第三方代理顾问的投票建议。在提高我们投票决策透明度的同时，我们还增加了我们自身投资者与企业的互动。我们认为，这些提升措施将使企业更好地理解我们在投票问题上选择独立的原因。

投资未来

主动ETF和独立管理账户

创新是我们开展业务的核心。自推出主动型交易所交易基金（ETF）平台以来不到十年，我们已跃升为全球领导者——资产管理规模和净流入排名第二，并拥有全球规模排名第一、第三和第五的主动管理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）。我们坚持创新。在过去一年，我们扩大了产品供给，新推出17项解决方案（12项美国解决方案及5项UCITS解决方案）。同样，我们对独立管理账户平台充满热情。收购55ip使我们能够为客户提供更优化的税务管理及投资组合定制服务，客户也可以更好地控制自己的投资和税务。自该收购以来，我们在此领域的管理资产规模增加了16倍。

另类资产投资

作为拥有逾4，000亿美元资产和60年传承的十大管理人兼投资者之一，我们持续投资于扩大及扩展我们在私募股权、对冲基金、私募信贷、房地产和基础设施等领域的另类资产投资能力。在两年前推出摩根大通私募资本（J.P． Morgan Private Capital）后，我们成功地引入科技、消费和生命科学等策略。随着另类资产的投资渠道持续拓宽，我们推出了摩根大通房地产收入信托（J.P． Morgan Real Estate Income Trust， JPMREIT）及摩根大通私人市场基金（JPMorgan Private Markets Fund， JPMF），后者为业界首批面向个人投资者的私募股权基金之一。总体而言，资产及财富管理部的另类投资在持续增长。

收购

我们最近进行的一项收购是Global Shares，该公司提供全球上市公司及私营公司的股票管理服务。在推广摩根大通Workplace产品供应的同时，我们以Global Shares为基础，帮助新公司加速成长，鼓励员工和所有者进行投资。该计划的参与者来自100多个国家，并且这一数字仍持续增长——去年便上升了15%。同样表现出众的是，自该项收购以来，客户资产增长了32%。我们还完成了对上投摩根基金管理的收购，将其更名为摩根资产管理（中国）。400名内地资产管理同事正式入驻上海中心大厦，以庆祝这一重要的品牌重塑。这不仅是一次值得纪念的时刻，也是对我们的共同传承、全球优势以及深深扎根本地市场的专业知识的一次证明，因为摩根大通在中国的历史可以追溯到100多年前。

严格管控的环境

为确保增长能够持续扩大，我们致力于实现卓越的运营——涵盖从强化交易、客户交易流程和资金流动，到简化交互和实施稳健的控制和保障措施等各个方面。其中包括利用人工智能来进一步实现简化流程、管理风险以及作出明智决策来保护客户安全。此外，这些对我们基础设施的投资有助于我们（作为受托人）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财富管理首席执行官之初所言，我们的目标并非成为规模最大的公司，而是成为行业最佳的楷模。这个最佳指的是为客户取得最佳的表现。投资咨询不是一种简单的商品，让各式各样的多元化产品实现强劲的投资表现，并提供一流的建议及思维领导是关键所在。我坚信，凭借我们的实力，以及我们对于聚焦未来的投资所做的承诺和努力，再加上前沿科技和人工智能的帮助，将增强我们为客户提供服务的能力并支持客户在未来取得成功。通过这些努力实现最佳业绩，客户便会用资金流入以报之，从而实现未来的增长。此外，让我们从所有竞争对手中脱颖而出的优势在于：摩根大通令我们获得了无可比拟的资源、机会及规模。

我们帮助客户及股东战胜了2023年以及过往市场周期的挑战，令我感到无比自豪。我们的客户资产实现了领先业界的增长，证明了我们对履行受托责任和致力于服务客户最佳利益的坚定承诺。我们对这种信任和支持深表感激，并将继续保持兢兢业业的心态，日复一日在工作中追求卓越的未来。

1.2020年第四季度，本公司将某些财富管理客户从资产及财富管理部调整到消费者和社区银行部。上期金额已修订，以符合当期列报。

2．脚注内容参见请本年报第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．

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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．