发布日期：2025-04-24 16:36    点击次数：148

　　2025年4月23日，摩根大通资产及钞票料理部首席实践官欧朵想发布致鼓动信中国 拳交，欧朵想称：“咱们相信，受托料理者不应为客户投资组合强加弃取或偏好。违犯，咱们让客户指明对其时弊的圭臬，摩根大通团队则据此实践。”

激情小说

　　以下是信件全文：

　　2024致鼓动信

　　资产及钞票料理

　　瞻望改日，

　　咱们会全心致力推动蜕变和陆续增长，

　　络续知足您的所需，超越所望。

　　摩根大通领有近两个世纪料理客户资产的色泽历史，戮力于履行受托职守。历经岁月变迁，咱们恒久为环球的客户提供长远洞见与卓越功绩，这些客户包括政府、大型机构、中央银行、主权钞票基金、企业首长、独创东说念主及个东说念主。咱们不懈追求稳健而陆续的申报，争取巩固咱们在行业增长中的最初地位。无论是在大通分步履首次储蓄的客户提供现款料理或退休经营有谋划，依然为大型州立养老谋划制定战术性资产建立全盘料理策略，咱们通过每次合营不停巩固业务根基，获得客户信托。

　　我有幸和杰米·戴蒙（Jamie Dimon）同事二十余年，这段资历让我长远体会到，到手绝非惟恐，也不行视为理所虽然。可陆续增长之说念，在于不停蜕变、极致专注、负重致远，同期还需秉持“堡垒想维”——安不忘危管待严峻挑战，同期静待时机智取新局。咱们正踏进竞争热烈的环境，既要为客户甄选最好机遇，也要为自己的改日增长开拓旅途，同期戮力于降本增效，追求运营卓越。

　　在资产及钞票料理部，我与同仁努力不懈，陆续优化客户投资组合，为改日作念好准备。咱们通过以下样式杀青这一方针：创造最初同行的投资功绩，汇注业内顶尖东说念主才，践行咱们弘大的投资方略。咱们要点投资顶端时刻与精英东说念主才，努力排斥低效，为鼓动创造丰厚的盈利增长。

　　客户陆续注入新的资产，等于对咱们最大的认同。4，860亿好意思元净新增资产的录用，使得往日两年间资金净流入共计达近1万亿好意思元，彰显了客户对咱们策略的信心。这一卓越成等于咱们业求实力与见效的有劲解释。

　　凭借如斯强盛势头，咱们真的悉数财务方针均蜕变高，五大约津绩效方针更皆登攀峰。

　　主动料理客户资产

　　往日二十年间，当同行纷纷加大对被迫策略的投资时，咱们仍一直专注于打造业内最初的主动料理平台并陆续干预。在咫尺市集环境中，掌捏基本面知悉力至关时弊，咱们的职责是主动捕捉未在滞后的基准中所反馈的机遇。咱们活泼而精确地应酬周期轮动，争取陆续缔造环球顶尖的投资功绩。咱们的卓越进展，不仅为投资者创造了丰硕申报，更进一步巩固了客户对咱们看成历久合营伙伴的信任，并诱惑更多客户弃取咱们。

　　咱们对投资有计划才调的首要干预，成为了咱们在主动料理边界优于业界的要津：2024年，咱们领有490名专属有计划分析师，笼罩多个资产类别，突显了咱们尽力作念出理智决策的答允，并将有计划融入公司文化与业务生态。仅往日一年，咱们的有计划团队笼罩约4，700家公司，开展了近1.1万次公司实地查考与疏通。这些来自环球的及时实地知悉，联结摩根大通的前沿时刻，让团队大要为客户旁边复杂的环球市集。

　　通过深度诓骗东说念主工智能（AI）、机器学习和专少见据科学等先进时刻，咱们全面擢升业务才调，大幅优化风险料理才调、简化运营并提高合座服从。咱们最近推出的GPT-Insights就体现了这一答允，它为资产料理投资者简化有计划过程。这款专有生成式AI器具整合多方数据源，编制全面的公司申诉，以简明易懂的样式呈现里面与外部不雅点。自2024年12月推出以来，GPT-Insights将有计划任务耗时镌汰高达85%，指挥投资者深入探索的方针。咱们戮力于诓骗登程点进的时刻，这不仅增强了竞争上风，也得当咱们为客户提供卓越价值的弘大方针——从试点，到分娩，再到盈利。咱们正在银行业汲引蜕变标杆，推动可陆续增长与历久鼓动价值。

　　终末，频年来，咱们干预了无数资源发展交往型怒放式基金（ETF）平台。出色的主动料理进展与ETF专长的联结，使咱们大要在快速推广的主动型ETF边界占据最初地位。2024年，咱们在全行业的主动料理和主动型ETF流入中双双位居前哨。

　　精英汇萃的照料人团队

　　往日五年，咱们计谋性地推广并改革环球照料人团队，旨在增强才调，以知足客户万般化和不停演变的需要。这包括遴聘新照料人并完善轮廓培训谋划，确保他们掌捏最新常识与手段，保持站在行业前沿。2024年，咱们的钞票料理业务收罗领有跳动9，500名照料人，增长率为6%——在行业普遍停滞的布景下，这一成绩尤为权臣，展现了咱们环球平台的边界以及全力提供顶尖与专科服务的答允。咱们戮力于开拓面向改日的照料人团队，笼罩钞票料理、机构业务及零卖边界，汲引行业最初的竞争圭臬。

　　除了招聘与培训，咱们还为照料人配备顶端AI器具，如Connect Coach和Sales Assist，大幅擢升分娩服从，扩大专科范围。凭借跳动80%的资产及钞票料理部前台职工使用摩根大通大型讲话模子（AI）套件，咱们每天都在挖掘契机，减省没趣重迭的职责，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陆续增长至关时弊。

　　为每位客户量身定制有谋划

　　咱们对个性化提出的愿景，是让客户与照料人大要证据独到需求作念出活泼弃取。为了增强这方面的才调，附近上门咱们完成了两项时弊交往，离别在2020及2021年收购了55ip和OpenInvest。咱们的时刻团队诓骗收购的时刻和平台，加上陆续的专有开发职责，为每个投资组合团队配备最当代化和先进的器具和资源。这让他们大要活泼蜕变偏好与连合度，安妥税务需求，打造得当客户特定方针的投资组合。咱们相信，受托料理者不应为客户投资组合强加弃取或偏好。违犯，咱们让客户指明对其时弊的圭臬，摩根大通团队则据此实践。

　　咱们觉得应该善用受托职守，对所投资的公司确认影响，借助两个世纪凝华的深厚底蕴，擢升为鼓动创造的历久价值。咱们的里面料理团队寂寥运作，无需依赖外部代理照料人为政策表决及提供提出。实质上，咱们已弃取步履大幅减少代理照料人公司对团队的影响，不再将他们的有计划申诉纳入咱们料理团队及投资众人的惩处决策体系。咱们引以为豪的是，主要投资者均积极参与公司惩处，并善用他们的专科常识及观点，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，因为咱们是环球时弊的另类投资提供商与投资者之一。频年来，这一资产类别成为行业最大、增长最快的边界之一，主要收货于面向个东说念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：资产及钞票料理另类投资有谋划和资产料理私募市集。依托咱们60多年的深厚积淀与丰富无边的投资素质，新架构旨在拓宽笼罩范围并杀青显然增长。这些改革让咱们大要扩伟业务范围，充分确认咱们在该边界的深厚专科常识，从第三方策略到自主宰理的基金，最终为客户提供全所在、定制化的蜕变投资有谋划。通过精确匹配不停变化的市集需求与自己资源及业务才调，咱们大要平稳旁边复杂的金融环境，推动这一重规律域的可陆续增长。

　　环球布局

　　看成一家领少见百年历史的企业，咱们长远交融塑造行业的复杂经济与地缘政事时势。如今，资产及钞票料理部在跳动150个国度/地区服务客户，彰显了咱们戮力于服务环球广大客户的答允。频年来，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办事处。此外，咱们还在奥斯汀、劳德代尔堡和法兰克福等主要办事处增多跳动10%的照料人东说念主数。在中国，咱们在外资资产料理公司中领有较大的中国股票有计划分析师团队。这些投资为资产及钞票料理业务改日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，咱们还通过东说念主才流动培育卓越文化，确保咱们的团队不仅熟谙当地市集动态，也与咱们具有凝华力的环球文化保持一致。两者的联结，让咱们大要保持活泼敏捷、反应赶紧，准确把捏新兴趋势，并为环球客户提供一致的体验。终末，在环球大多数资产及钞票料理网点，咱们都与耗损者和社区银行以及营业和投资银行业务伙伴共处并吞地点，大大增强了咱们对客户和社区的影响。

　　策略见效极度：为公司和鼓动带来强盛的净资产收益率

　　与业内敌手比拟，咱们不仅功绩优异，对摩根大通的合座到手也很要津。咱们之是以大要杀青行业最初的净资产收益率，源于咱们严谨地料理资产欠债表上的每一分毫，为鼓动带来强盛的综结伙本申报率。这些后果是在咱们对业务保持无数投资下同期杀青的，突显了咱们业务的建壮实力，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职守，这指导了咱们的职责方针，引颈着每一步的前行。频年的市况充满挑战和波动，咱们都能到手指挥客户和鼓动应酬，同期也投资布局改日，为此，我深感自重。

　　摩根大通的三伟业务板块逐日都在各自边界追求卓越，深知整膂力量胜于个体之和。我和资产及钞票料理运营委员会的同仁努力不懈，为客户尽量擢升公司价值，提供投资提出、流动性料理、成本市集专长、信贷、支付、托管及全所在银行服务。客户与每个业务部门相通，都是集团的一份子，共同享有摩根大通重大的资源和边界上风，这些条目让咱们在竞争中脱颖而出。

　　咱们由衷感谢客户和鼓动的信托，并将络续戮力于提供至臻服务。凭借摩根大通的上风，咱们有信心大要提供卓越价值，保持行业指导地位。瞻望改日，咱们会全心致力推动蜕变和陆续增长，络续知足您的所需，超越所望。

　　2．慎重内容请参见今年报第58页慎重33。 

　　3．费力开始：公开文献、公司网站、晨星。 

　　4．慎重内容请参见今年报第59页慎重36。 

　　5．费力开始：公开文献；净资产收益率或访佛方针基于申诉数据（如有）。关于未申诉净资产收益率或访佛方针的同行，野心划定开始于申诉的平庸鼓动应占净收入以及申诉的平均平庸鼓动职权。

　　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

职守剪辑：尉旖涵 中国 拳交

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