2025年4月23日，摩根大通资产及资产经管部首席实践官欧朵念念发布致激动信，欧朵念念称：“咱们深信，受托经管者不应为客户投资组合强加遴聘或偏好。相背，咱们让客户指明对其垂危的尺度，摩根大通团队则据此实践。”
以下是信件全文：
2024致激动信
资产及资产经管
瞻望将来，
咱们会全心戮力推动立异和赓续增长，
赓续知足您的所需，超越所望。
摩根大通领有近两个世纪经管客户资产的后光历史，戮力于履行受托背负。历经岁月变迁，咱们弥远为大家的客户提供深切洞见与卓越功绩，这些客户包括政府、大型机构、中央银行、主权资产基金、企业首级、首创东谈主及个东谈主。咱们不懈追求老成而赓续的陈述，争取自如咱们在行业增长中的率先地位。不管是在大通分活动初度储蓄的客户提供现款经管或退休经营决策，仍是为大型州立养老筹画制定战术性资产成立全盘经管策略，咱们通过每次伙同不休自如业务根基，获取客户相信。
我有幸和杰米·戴蒙（Jamie Dimon）同事二十余年，这段资格让我深切体会到，奏效绝非只怕，也不能视为理所虽然。可赓续增长之谈，在于不休立异、极致专注、负重致远，同期还需秉持“堡垒念念维”——安不忘危招待严峻挑战，同期静待时机智取新局。咱们正踏进竞争浓烈的环境，既要为客户甄选最好机遇，也要为本身的将来增长开拓旅途，同期戮力于降本增效，追求运营卓越。
在资产及资产经管部，我与同仁努力不懈，赓续优化客户投资组合，为将来作念好准备。咱们通过以下容颜达成这一主张：创造率先同行的投资功绩，集聚业内顶尖东谈主才，践行咱们浩荡的投资方略。咱们重心投资顶端本领与精英东谈主才，努力摒除低效，为激动创造丰厚的盈利增长。
客户赓续注入新的资产，等于对咱们最大的招供。4，860亿好意思元净新增资产的委托，使得昔日两年间资金净流入推测达近1万亿好意思元，彰显了客户对咱们策略的信心。这一不凡成等于咱们业求实力与成效的有劲讲明。
凭借如斯强劲势头，咱们果然扫数财务方针均立异高，五大重要绩效方针更王人登攀峰。
主动经管客户资产
昔日二十年间，当同行纷繁加大对被迫策略的投资时，咱们仍一直专注于打造业内率先的主动经管平台并赓续参预。在咫尺市集环境中，掌持基本面瞻念察力至关垂危，咱们的职责是主动捕捉未在滞后的基准中所反馈的机遇。咱们机动而精确地支吾周期轮动，争取赓续缔造大家顶尖的投资功绩。咱们的卓越发扬，不仅为投资者创造了丰硕陈述，更进一步自如了客户对咱们行为经久伙同伴伴的信任，并蛊惑更多客户遴聘咱们。
咱们对投资盘问智商的紧要参预，成为了咱们在主动经管鸿沟优于业界的重要：2024年，咱们领有490名专属盘问分析师，掩饰多个资产类别，突显了咱们悉力作念出理智决策的首肯，并将盘问融入公司文化与业务生态。仅昔日一年，咱们的盘问团队掩饰约4，700家公司，开展了近1.1万次公司实地测验与换取。这些来倨傲众的及时实地瞻念察，长入摩根大通的前沿本领，让团队或者为客户垄断复杂的大家市集。
通过深度诳骗东谈主工智能（AI）、机器学习和专罕有据科学等先进本领，咱们全面提高业务智商，大幅优化风险经管智商、简化运营并提高举座效用。咱们最近推出的GPT-Insights就体现了这一首肯，它为资产经管投资者简化盘问进程。这款专有生成式AI器用整合多方数据源，编制全面的公司论说，以简明易懂的容颜呈现里面与外部不雅点。自2024年12月推出以来，GPT-Insights将盘问任务耗时裁减高达85%，指令投资者深入探索的主张。咱们戮力于诳骗源泉进的本领，这不仅增强了竞争上风，也顺应咱们为客户提供卓越价值的浩荡主张——从试点，到出产，再到盈利。咱们正在银行业确立立异标杆，推动可赓续增长与经久激动价值。
临了，连年来，咱们参预了大批资源发展交游型怒放式基金（ETF）平台。出色的主动经管发扬与ETF专长的长入，使咱们或者在快速膨胀的主动型ETF鸿沟占据率先地位。2024年，咱们在全行业的主动经管和主动型ETF流入中双双位居前哨。
精英汇萃的参谋人团队
昔日五年，咱们计谋性地膨胀并检阅大家参谋人团队，旨在增强智商，以知足客户万般化和不休演变的需要。这包括聘任新参谋人并完善概述培训筹画，确保他们掌持最新学问与手段，保持站在行业前沿。2024年，咱们的资产经管业务收集领有越过9，500名参谋人，增长率为6%——在行业普遍停滞的布景下，这一成绩尤为显贵，展现了咱们大家平台的鸿沟以及全力提供顶尖与专科服务的首肯。咱们戮力于培植面向将来的参谋人团队，掩饰资产经管、机构业务及零卖鸿沟，确立行业率先的竞争尺度。
除了招聘与培训，咱们还为参谋人配备顶端AI器用，如Connect Coach和Sales Assist，大幅提高出产效用，扩大专科范围。凭借越过80%的资产及资产经管部前台职工使用摩根大通大型言语模子（AI）套件，咱们每天都在挖掘契机，减省败兴叠加的使命，让团队专注于更高价值的事务。这些举措对提供卓越服务与推动可赓续增长至关垂危。
为每位客户量身定制决策
咱们对个性化苛刻的愿景，是让客户与参谋人或者把柄私有需求作念出机动遴聘。为了增强这方面的智商，咱们完成了两项垂危交游，差异在2020及2021年收购了55ip和OpenInvest。咱们的本领团队诳骗收购的本领和平台，加上赓续的专有征战使命，为每个投资组合团队配备最当代化和先进的器用和资源。这让他们或者机动调换偏好与蚁合度，顺应税务需求，打造顺应客户特定主张的投资组合。咱们深信，受托经管者不应为客户投资组合强加遴聘或偏好。相背，咱们让客户指明对其垂危的尺度，摩根大通团队则据此实践。
咱们合计应该善用受托背负，对所投资的公司阐明影响，借助两个世纪凝华的深厚底蕴，提高为激动创造的经久价值。咱们的里面经管团队寂然运作，无需依赖外部代理参谋人为政策表决及提供苛刻。实质上，咱们已禁受行动大幅减少代理参谋人公司对团队的影响，不再将他们的盘问论说纳入咱们经管团队及投资巨匠的搞定决策体系。咱们引以为豪的是，主要投资者均积极参与公司搞定，并善用他们的专科学问及认识，为客户资产构筑坚实的监督保险。
另类投资
另类投资一直是咱们客户投资组合享有的一大互异化上风，因为咱们是大家垂危的另类投资提供商与投资者之一。连年来，这一资产类别成为行业最大、增长最快的鸿沟之一，主要收获于面向个东谈主投资者的怒放式结构。为此，咱们计谋性地将业务范围重组为两大相沿：资产及资产经管另类投资决策和资产经管私募市集。依托咱们60多年的深厚积淀与丰富广泛的投资造就，新架构旨在拓宽掩饰范围并达成明显增长。这些检阅让咱们或者扩伟业务范围，充分阐明咱们在该鸿沟的深厚专科学问，从第三方策略到自摆布理的基金，最终为客户提供全地点、定制化的立异投资决策。通过精确匹配不休变化的市集需求与本身资源及业务智商，咱们或者清静垄断复杂的金融环境，推动这一重门径域的可赓续增长。
大家布局
行为一家领罕有百年历史的企业，咱们深切闪现塑造行业的复杂经济与地缘政事形态。如今，资产及资产经管部在越过150个国度/地区服务客户，彰显了咱们戮力于服务大家广大客户的首肯。连年来，咱们在雅典、杰克逊维尔、曼彻斯特、慕尼黑、盐湖城和斯科茨代尔开设新工作处。此外，咱们还在奥斯汀、劳德代尔堡和法兰克福等主要工作处加多越过10%的参谋人东谈主数。在中国，咱们在外资资产经管公司中领有较大的中国股票盘问分析师团队。这些投资为资产及资产经管业务将来几十年的发展奠定了坚实的基础。
除了扩大咱们的业务萍踪外，咱们还通过东谈主才流动培育卓越文化，确保咱们的团队不仅熟练当地市集动态，也与咱们具有凝华力的大家文化保持一致。两者的长入，让咱们或者保持机动敏捷、反应马上，准确主办新兴趋势，并为大家客户提供一致的体验。临了，在大家大多数资产及资产经管网点，咱们都与花费者和社区银行以及交易和投资银行业务伙伴共处团结地点，大大增强了咱们对客户和社区的影响。
策略成效超过：为公司和激动带来强劲的净资产收益率
与业内敌手比较，咱们不仅功绩优异，对摩根大通的举座奏效也很重要。咱们之是以或者达成行业率先的净资产收益率，源于咱们严谨地经管资产欠债表上的每一分毫，为激动带来强劲的概述股本陈述率。这些效果是在咱们对业务保持大批投资下同期达成的，突显了咱们业务的矫捷实力，以及对计谋投资的专注。
结语
咱们戮力于履行对客户的受托背负，这指导了咱们的使命主张，引颈着每一步的前行。连年的市况充满挑战和波动，咱们都能奏效指令客户和激动支吾，同期也投资布局将来，为此，我深感自爱。
摩根大通的三伟业务板块逐日都在各自鸿沟追求卓越，深知整膂力量胜于个体之和。我和资产及资产经管运营委员会的同仁努力不懈，为客户尽量提高公司价值，提供投资苛刻、流动性经管、成本市集专长、信贷、支付、托管及全地点银行服务。客户与每个业务部门相通，都是集团的一份子，共同享有摩根大通强大的资源和鸿沟上风，这些条款让咱们在竞争中脱颖而出。
咱们诚意感谢客户和激动的相信，并将赓续戮力于提供至臻服务。凭借摩根大通的上风，咱们有信心或者提供卓越价值，保持行业带领地位。瞻望将来，咱们会全心戮力推动立异和赓续增长，赓续知足您的所需，超越所望。
2．顾惜内容请参见今年报第58页顾惜33。
3．贵寓起头：公开文献、公司网站、晨星。
4．顾惜内容请参见今年报第59页顾惜36。
5．贵寓起头：公开文献；净资产收益率或访佛方针基于论说数据（如有）。关于未论说净资产收益率或访佛方针的同行，诡计放肆起头于论说的无为激动应占净收入以及论说的平均无为激动职权。
2024 Letter to Shareholders
Asset & Wealth Management
J.P． Morgan has a proud fiduciary history spanning nearly two centuries of managing client assets． Throughout each decade， we have consistently delivered valuable insights and strong performance to a distinguished clientele worldwide， including governments， major institutions， central banks， sovereign wealth funds， CEOs， founders and individuals． Our steadfast commitment to delivering strong and consistent results has solidified our position as a leader in industry growth． Whether supporting a first-time saver seeking cash management solutions or retirement options at a Chase branch or serving a major state pension plan in need of tactical asset allocation overlay strategies， our franchise continues to strengthen with each new relationship， earning the trust of our clients．
Having had the privilege of working for Jamie Dimon for over two decades， I am reminded every day that success is not accidental and should never be taken for granted． Sustainable growth requires constant innovation， extraordinary focus， intensity and drive， coupled with a fortress mindset – always preparing for the toughest challenges while remaining poised to seize new opportunities． We are in a fiercely competitive race to identify the best opportunities for our clients and for our future growth while simultaneously maintaining our unwavering focus on cutting waste and achieving operational excellence．
In Asset & Wealth Management （AWM）， my partners and I work tirelessly to optimize client portfolios and future- proof them for what lies ahead． We achieve this by delivering leading investment performance， leveraging what I believe is the most exceptional talent in the industry and executing our most ambitious investment agenda to date． Our focus on investing in cutting- edge technology and our elite talent， while driving out inefficiencies， has led us to highly profitable growth for our shareholders．
Our clients vote daily on our success with their consistent contribution of new assets． They have demonstrated their ongoing confidence in our strategy by entrusting us with an additional $486 billion in net new assets， bringing the total to nearly $1 trillion of inflows over the past two years． This remarkable achievement stands as the ultimate testament to the strength and effectiveness of our business．
Building on this tremendous momentum， we have achieved record results across nearly all financial metrics， reaching all-time highs in five key performance indicators．
ACTIVELY MANAGING OUR CLIENTS’ ASSETS
Over the past two decades， we have focused on and invested in the industry’s leading active management platform， even as many of our peers double down on passive strategies． In today’s market environment， where having fundamental insights is critical， we believe our responsibility is to proactively seek opportunities that are not yet reflected in backward-looking benchmark weightings． We have responded swiftly and adeptly to various market cycles， consistently achieving world-class investment performance． Our peer-leading performance has enabled us to deliver positive outcomes for our investors， strengthening our clients’ trust in us as their long-term partner and attracting more clients than ever before．
A key component of our strategy to be the industry’s leading active manager is our substantial investment in our research capabilities． In 2024， we employed 490 proprietary research analysts across various asset classes， underscoring our commitment to making informed decisions and embedding research into our culture and business ecosystem． In the past year alone， our research team provided coverage on approximately 4，700 companies and conducted nearly 11，000 company visits and engagements． These real-time， on-the-ground insights from around the world， infused with JPMorganChase’s dominant technology， empower our teams to adeptly navigate complex global markets for our clients．
By harnessing and leveraging advanced technologies – such as artificial intelligence （AI）， machine learning and proprietary data science – we enhance all aspects of our business， significantly improving our risk management capabilities， streamlining operations and boosting overall efficiency． Our recent launch of GPT-Insights exemplifies this commitment， streamlining the research process for Asset Management （AM） investors． This proprietary generative AI tool creates comprehensive company reports from multiple sources， highlighting both internal and external perspectives in an easily digestible format． Since its December 2024 launch， GPT-Insights has reduced research task times by up to 85%， guiding investors on where to delve deeper． Our dedication to leveraging state-of-the-art technology not only strengthens our competitive edge but also aligns with our broader goal of delivering superior value to our clients – from pilot to production to profitability． We are setting a new standard of innovation in the banking industry， driving sustainable growth and long- term shareholder value．
Lastly， in recent years we have made significant investments in our exchange-traded funds （ETF） platform． The combination of top active management performance and ETF expertise has positioned us as a leader in the rapidly expanding field of active ETFs． In 2024， we were the leader in inflows in both active management and active ETFs across the industry．
BEST-IN-CLASS ADVISORY TEAMS
Over the past five years， we have strategically invested in expanding and elevating our global advisor teams to enhance our capabilities and meet clients’ diverse and evolving needs． This includes both hiring new advisors and expanding our comprehensive training programs to equip them with the latest knowledge and skills， ensuring they remain at the forefront of industry trends． With over 9，500 advisors， our Wealth Management network reflects a 6% growth in 2024 – a notable achievement given industry stagnation – demonstrating the scale of our global platform and our commitment to first-class service and expertise． We aim to build future-ready advisory teams in Wealth Management， Institutional and Retail/Funds， setting a standard that is admired by our competitors．
In addition to hiring and training， we equip our advisors with cutting-edge AI tools like Connect Coach and Sales Assist， significantly enhancing their productivity and scope． With over 80% of AWM Front Office utilizing our J.P． Morgan Large Language Model （AI） Suite， each day we uncover opportunities to eliminate “no joy” work and repetitive tasks， allowing our teams to focus on higher-value activities． These initiatives are integral to delivering exceptional service and driving sustainable growth．
HIGHLY CUSTOMIZED SOLUTIONS FOR EACH INDIVIDUAL
Our vision for personalized advice focuses on empowering both clients and advisors to make choices tailored to each unique situation． To enhance our capabilities， we made two important acquisitions： 55ip （in 2020） and OpenInvest （in 2021）． Our technology teams leverage these acquisitions， alongside continuous proprietary developments， to equip every portfolio team with the most modern and advanced tools and resources． This enables them to customize preferences and concentrations， adapt to tax considerations and create portfolios that are aligned with their specific needs． We don’t believe any fiduciary manager should dictate choice or preferences for a client’s investment portfolio． Instead， we empower clients to specify criteria important to them， and J.P． Morgan teams execute accordingly．
We believe our fiduciary voice should be leveraged to influence the companies we invest in， drawing on our two centuries of collective knowledge to enhance long-term shareholder value creation． Our in-house stewardship teams operate independently， without relying on external proxy advisors to vote for us． In fact， we have taken major steps to minimize the influence of proxy advisory firms on our teams and no longer incorporate their research into the governance decisions made by our stewardship and investment professionals． We take pride in the active role our fundamental investors play in the governance process， utilizing their expertise and insights to ensure strong oversight for client portfolios．
ALTERNATIVES
Alternatives have always been a key differentiator in our clients’ portfolios， as we are among the leading providers and investors globally． Recently， this asset class has emerged as one of the industry’s largest and fastest-growing areas， primarily driven by the open-ended structure now available to individual investors． In response， we have strategically restructured our coverage into two distinct pillars： AWM Alternative Solutions and AM Private Markets． This new structure is designed to broaden our coverage and enable meaningful growth， leveraging our rich history of over 60 years and our extensive experience across various investment types． With these enhancements， we are poised to expand our coverage and unlock our deep expertise in this area， ultimately providing our clients with innovative and tailored investment solutions across the board – from third-party strategies to funds managed by our own teams． By aligning our resources and capabilities with the evolving needs of the market， we are well-equipped to navigate the complexities of the financial landscape and drive sustainable growth in this important area．
GLOBAL FOOTPRINT
As a business within a firm with hundreds of years of history， we possess a deep understanding of the complex economic and geopolitical landscape that shapes our industry． Today， AWM maintains client coverage in over 150 countries， underscoring our commitment to serving a diverse range of clients globally． In recent years， we have invested in opening new offices in Athens， Jacksonville， Manchester， Munich， Salt Lake City and Scottsdale． Additionally， we have increased our number of advisors by more than 10% in other key offices， including Austin， Fort Lauderdale and Frankfurt． In China， we have one of the largest teams of research analysts covering Chinese stocks among foreign-owned asset managers． These investments build a strong foundation for AWM for decades to come．
In addition to expanding our geographic footprint， we cultivate a culture of excellence through talent mobility， ensuring our teams are not only adept in local market dynamics but also aligned with our cohesive global culture． This combination allows us to remain agile and responsive， positioning us to capitalize on emerging trends and to deliver a consistent experience to our clients worldwide． Lastly， in most of AWM locations around the world， we co-locate with our Consumer & Community Banking and Commercial & Investment Bank partners， significantly amplifying our impact on clients and communities．
EVIDENCE THAT THIS STRATEGY IS WORKING： STRONG ROE FOR OUR FIRM AND SHAREHOLDERS
Our results are not only strong compared with every major competitor but are also crucial for the broader success of JPMorganChase． Our ability to deliver industry-leading return on equity （ROE） stems from our disciplined approach to managing every dollar on our balance sheet， contributing to a robust blended ROE for our shareholders． These results， achieved while maintaining significant investment in our business， speak to the strength of our franchise and the focus of our strategic investment agenda．
CONCLUSION
Our fiduciary commitment to our clients serves as our north star， guiding every aspect of our work． I am proud of how we have successfully guided our clients and shareholders through the challenges and volatility of recent years， all while making significant investments in the future．
As each of the three lines of business at JPMorganChase strives every day to excel in our respective areas， we are acutely aware that our collective strength surpasses the sum of our individual parts． Together with my Operating Committee partners in AWM， we work relentlessly to maximize the firm’s value to every client， delivering investment advice， liquidity management， capital markets expertise， credit， payments， custody and full-service banking． Clients benefit from being part of the broader JPMorganChase ecosystem， as does each line of business， with access to unparalleled resources and scale that set us apart from the competition．
We are deeply grateful for the trust our clients and shareholders place in us and remain dedicated to delivering excellence every day． By leveraging the strengths of JPMorganChase， we are confident in our ability to deliver exceptional value and maintain our leadership position in the industry． As we look to the future， we are committed to driving innovation and consistent growth， ensuring that we continue to meet and exceed your expectations．
1.For footnote， refer to page 58 footnote 34 in this Annual Report．
2.For footnote， refer to page 58 footnote 33 in this Annual Report．
3.Source： Public filings， company website， Morningstar．
4.For footnote， refer to page 59 footnote 36 in this Annual Report．
5.Source： Public filings； return on equity （ROE） or comparable metric is based on as reported figures， where available． For peers that do not report ROE or a comparable metric， calculations were derived from reported net income attributable to common shareholders and the reported average common shareholders’ equity．
海量资讯、精确解读，尽在新浪财经APP
背负剪辑：尉旖涵