02:55 PM EDT, 06/25/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) attracted $15 billion in assets to its new tax strategy division aimed at wealthy clients, competing with Goldman Sachs ( GS ) and Morgan Stanley ( MS ) , The Financial Times reported Tuesday, citing people familiar with the situation.

The bank's focus on tax-loss harvesting in separately managed accounts has grown amid increasing demand from investors looking to lower taxes and customize portfolios with environmental, social, and governance investments, the FT said. SMAs allow for more customization than mutual funds and are becoming a popular option for wealthy investors seeking tax efficiency, the report said.

JPMorgan ( JPM ) still behind leaders in tax-efficient strategies like Goldman Sachs Asset Management and Morgan Stanley's ( MS ) Parametric platform, the report said.

JPMorgan ( JPM ) declined to comment, the FT said.

The bank didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 198.57, Change: -0.31, Percent Change: -0.16