摩根大通資產及財富管理部首席執行官歐朵思的致股東信

　　來源：摩根資產管理

　　資產與財富管理

　　具有里程碑意義的一年，

　　為未來的成功奠定基礎

　　新客户數和資金流入創新高

　　接近5，000億美元——確切來説是4，900億美元。這個數字代表了客户去年新委託給摩根大通資產及財富管理部的淨資產總額。在金融危機或市場動盪時期，摩根大通猶如風暴中的避風港，散發出比平時更耀眼的光芒——2023年亦不例外。美國地區銀行業所遭遇的危機為我們提供了新的啟示，不應將銀行業務和貸款視為大宗商品。由於投資者意識到了這一點，資產及財富管理部去年吸引了大量的資金流入，幾乎是我們最接近的上市競爭對手的兩倍之多。

　　強勁的投資表現和領先的客户解決方案

　　作為受託人，我們的首要任務是提供長期強勁的投資表現。在過去的十年里，摩根資產管理有大約80%所管理的資產表現優於同業中位數。卓越的投資表現，是耕耘幾十年來不斷精進的成果。近1，300位投資專家以及行業領先的研究預算投入，使得我們能夠主動調研近2，500家上市公司，每年進行逾5，000次公司拜訪。因此，在過去十年，我們超過93%的股票資產跑贏同業中位數。

　　取得出色的投資業績絕非易事，但經過多年大規模的量化寬松之后（通常會導致資產之間無差別地協同運動），市場又回到了一個優先考慮公司和股票基本面的環境，讓我們有充分的理由對各資產類別的投資前景保持樂觀。

　　我們為客户提供專業有效的解決方案，並全力支持客户度過市場周期，未雨綢繆迎接未來的挑戰。憑藉先進的技術、智能工具和專業能力，我們的投資顧問可以隨時為客户提供指引，以及個性化的產品和服務。從規劃第一筆投資開始，到制定長期退休規劃，我們全面覆蓋客户多種不同需求。同時，為協助客户應對退休之后的複雜情況，我們通過智能退休（SmartRetirement）解決方案提供穩健的策略。

　　無論是選股抑或是市場和資產配置洞察，深度研究是我們開展各項工作的基石。例如，我們通過《放眼市場》和《摩根大通環球市場縱覽》為客户提供獨家見解，這些行業領先刊物每年都會吸引數十萬金融顧問和數百萬客户閲讀。此外，憑藉對市場的深度瞭解和豐富的經濟知識，我們提供對投資主題的深刻洞察，幫助投資者更加自信地作出投資組合決策。客户可以依賴我們過濾市場噪音，分辨投資信號。

　　點擊此處閲讀詳細註釋

　　註釋內容請參閱本年報第57頁註釋28

　　為股東帶來亮眼的投資業績

　　我們在多元化投資和業務經營方面取得了顯著成功，實現規模持續增長。今年，我們打破多項增長記錄，客户總資產規模增長至5萬億美元，收入增長至200億美元，税前收入增長至70億美元——淨資產收益率達到31%。我們取得的成績，都充分彰顯了一個全球綜合性平臺的力量、優異投資表現和用心的客户服務。

　　個性化、治理和管理

　　在管理資產及財富管理業務期間，我從未發現有兩名客户擁有一模一樣的需求、投資目標和風險承受能力。無論是主權基金還是新手個人投資者，他們的投資波動承受能力、收益及分派要求、税務、投資偏好和積極性等方面，都有非常微妙的差別。舉例而言，我們從收購55ip和OpenInvest取得的獨家技術，使得我們能夠結合逾600種不同的投資策略，並通過智能且高效的方式創造高度定製化的投資組合。我們知道，客户能因此有更多選擇的空間——不僅可以選擇投資經理和投資風格，還能選擇不同行業或投資方向，並在適當的時候選擇税收優化的投資方式。我們認為，摩根大通的作用不在於告訴客户其投資組合應該包括或排除什麼樣的行業或如何選股。相反，我們希望賦能客户指引我們的能力，並推動自身投資決策。

　　此外，由於偏好因人而異，因此我們堅定不移地將我們的監管重點放在能最大限度地實現長期股東價值和良好治理地投票事務上。隨着外包代理投票越來越普遍，到2024年底，我們將在內部開發的投票系統中取消第三方代理顧問的投票建議。在提高我們投票決策透明度的同時，我們還增加了我們自身投資者與企業的互動。我們認為，這些提升措施將使企業更好地理解我們在投票問題上選擇獨立的原因。

　　投資未來

　　主動ETF和獨立管理賬户

　　創新是我們開展業務的核心。自推出主動型交易所交易基金（ETF）平臺以來不到十年，我們已躍升爲全球領導者——資產管理規模和淨流入排名第二，並擁有全球規模排名第一、第三和第五的主動管理ETF（摩根大通股票溢價收益、摩根大通超空頭收益及摩根大通納斯達克股權溢價收益）。我們堅持創新。在過去一年，我們擴大了產品供給，新推出17項解決方案（12項美國解決方案及5項UCITS解決方案）。同樣，我們對獨立管理賬户平臺充滿熱情。收購55ip使我們能夠為客户提供更優化的税務管理及投資組合定製服務，客户也可以更好地控制自己的投資和税務。自該收購以來，我們在此領域的管理資產規模增加了16倍。

　　另類資產投資

　　作為擁有逾4，000億美元資產和60年傳承的十大管理人兼投資者之一，我們持續投資於擴大及擴展我們在私募股權、對衝基金、私募信貸、房地產和基礎設施等領域的另類資產投資能力。在兩年前推出摩根大通私募資本（J.P． Morgan Private Capital）后，我們成功地引入科技、消費和生命科學等策略。隨着另類資產的投資渠道持續拓寬，我們推出了摩根大通房地產收入信託（J.P． Morgan Real Estate Income Trust， JPMREIT）及摩根大通私人市場基金（JPMorgan Private Markets Fund， JPMF），后者為業界首批面向個人投資者的私募股權基金之一。總體而言，資產及財富管理部的另類投資在持續增長。

　　收購

　　我們最近進行的一項收購是Global Shares，該公司提供全球上市公司及私營公司的股票管理服務。在推廣摩根大通Workplace產品供應的同時，我們以Global Shares為基礎，幫助新公司加速成長，鼓勵員工和所有者進行投資。該計劃的參與者來自100多個國家，並且這一數字仍持續增長——去年便上升了15%。同樣表現出眾的是，自該項收購以來，客户資產增長了32%。我們還完成了對上投摩根基金管理的收購，將其更名為摩根資產管理（中國）。400名內地資產管理同事正式入駐上海中心大廈，以慶祝這一重要的品牌重塑。這不僅是一次值得紀念的時刻，也是對我們的共同傳承、全球優勢以及深深紮根本地市場的專業知識的一次證明，因為摩根大通在中國的歷史可以追溯到100多年前。

　　嚴格管控的環境

　　為確保增長能夠持續擴大，我們致力於實現卓越的運營——涵蓋從強化交易、客户交易流程和資金流動，到簡化交互和實施穩健的控制和保障措施等各個方面。其中包括利用人工智能來進一步實現簡化流程、管理風險以及作出明智決策來保護客户安全。此外，這些對我們基礎設施的投資有助於我們（作為受託人）對客户投資組合進行一致的經優化壓力測試。

　　結語

　　誠如我在擔任資產及財富管理首席執行官之初所言，我們的目標並非成為規模最大的公司，而是成為行業最佳的楷模。這個最佳指的是為客户取得最佳的表現。投資諮詢不是一種簡單的商品，讓各式各樣的多元化產品實現強勁的投資表現，並提供一流的建議及思維領導是關鍵所在。我堅信，憑藉我們的實力，以及我們對於聚焦未來的投資所做的承諾和努力，再加上前沿科技和人工智能的幫助，將增強我們為客户提供服務的能力並支持客户在未來取得成功。通過這些努力實現最佳業績，客户便會用資金流入以報之，從而實現未來的增長。此外，讓我們從所有競爭對手中脫穎而出的優勢在於：摩根大通令我們獲得了無可比擬的資源、機會及規模。

　　我們幫助客户及股東戰勝了2023年以及過往市場周期的挑戰，令我感到無比自豪。我們的客户資產實現了領先業界的增長，證明了我們對履行受託責任和致力於服務客户最佳利益的堅定承諾。我們對這種信任和支持深表感激，並將繼續保持兢兢業業的心態，日復一日在工作中追求卓越的未來。

　　1.2020年第四季度，本公司將某些財富管理客户從資產及財富管理部調整到消費者和社區銀行部。上期金額已修訂，以符合當期列報。

　　2．腳註內容參見請本年報第57頁腳註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．

責任編輯：楊紅卜