2025年4月23日，摩根大通资产及钞票握住部首席扩充官欧朵想发布致鼓吹信，欧朵想称：“4860亿好意思元净新增资产的寄予，使得夙昔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。”
以下是信件全文：
2024致鼓吹信
资产及钞票握住
瞻望改日，
咱们会精心竭力推动立异和持续增长，
络续满足您的所需，超越所望。
摩根大通领有近两个世纪握住客户资产的光线历史，悉力于现实受托职守。历经岁月变迁，咱们弥远为大众的客户提供长远洞见与卓越事迹，这些客户包括政府、大型机构、中央银行、主权钞票基金、企业首级、创举东谈主及个东谈主。咱们不懈追求平定而持续的文告，争取巩固咱们在行业增长中的发轫地位。不管是在大通分步履初度储蓄的客户提供现款握住或退休规划决策，依然为大型州立养老研究制定战术性资产成就全盘握住策略，咱们通过每次互助接续巩固业务根基，获取客户相信。
我有幸和杰米·戴蒙（Jamie Dimon）同事二十余年，这段履历让我长远体会到，告捷绝非无意，也弗成视为理所诚然。可持续增长之谈，在于接续立异、极致专注、任重道远，同期还需秉持“堡垒想维”——安不忘危欢迎严峻挑战，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，也要为自己的改日增长开拓旅途，同期悉力于降本增效，追求运营卓越。
在资产及钞票握住部，我与同仁努力不懈，持续优化客户投资组合，为改日作念好准备。咱们通过以下面目终了这一主张：创造发轫同行的投资事迹，汇注业内顶尖东谈主才，践行咱们繁密的投资方略。咱们要点投资顶端时间与精英东谈主才，努力摒除低效，为鼓吹创造丰厚的盈利增长。
客户持续注入新的资产，等于对咱们最大的认同。4，860亿好意思元净新增资产的寄予，使得夙昔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。这一超卓成等于咱们业求实力与生效的有劲评释。
凭借如斯强健势头，咱们险些扫数财务规划均立异高，五大关键绩效规划更皆攀登峰。
主动握住客户资产
夙昔二十年间，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发轫的主动握住平台并持续进入。在现在市集环境中，掌捏基本面洞悉力至关伏击，咱们的职责是主动捕捉未在滞后的基准中所反应的机遇。咱们生动而精确地应付周期轮动，争取持续缔造大众顶尖的投资事迹。咱们的卓越弘扬，不仅为投资者创造了丰硕文告，更进一步巩固了客户对咱们手脚耐久互助伙伴的信任，并蛊惑更多客户弃取咱们。
咱们对投资商量才气的要紧进入，成为了咱们在主动握住鸿沟优于业界的关键：2024年，咱们领有490名专属商量分析师，隐蔽多个资产类别，突显了咱们起劲作念出贤慧决策的容许，并将商量融入公司文化与业务生态。仅夙昔一年，咱们的商量团队隐蔽约4，700家公司，开展了近1.1万次公司实地考试与交流。这些来自傲众的及时实地洞悉，团结摩根大通的前沿时间，让团队约略为客户独霸复杂的大众市集。
通过深度运用东谈主工智能（AI）、机器学习和专稀有据科学等先进时间，咱们全面种植业务才气，大幅优化风险握住才气、简化运营并提高合座着力。咱们最近推出的GPT-Insights就体现了这一容许，它为资产握住投资者简化商量进程。这款专有生成式AI器具整合多方数据源，编制全面的公司论说，以简明易懂的面目呈现里面与外部不雅点。自2024年12月推出以来，GPT-Insights将商量任务耗时裁减高达85%，指引投资者深入探索的处所。咱们悉力于运用起初进的时间，这不仅增强了竞争上风，也妥当咱们为客户提供卓越价值的繁密主张——从试点，到出产，再到盈利。咱们正在银行业成立立异标杆，推动可持续增长与耐久鼓吹价值。
临了，比年来，咱们进入了无数资源发展往复型通达式基金（ETF）平台。出色的主动握住弘扬与ETF专长的团结，使咱们约略在快速扩张的主动型ETF鸿沟占据发轫地位。2024年，咱们在全行业的主动握住和主动型ETF流入中双双位居前哨。
精英汇萃的参谋人团队
夙昔五年，咱们政策性地扩张并调动大众参谋人团队，旨在增强才气，以满足客户各种化和接续演变的需要。这包括遴聘新参谋人并完善抽象培训研究，确保他们掌捏最新学问与手段，保持站在行业前沿。2024年，咱们的钞票握住业务收集领有逾越9，500名参谋人，增长率为6%——在行业普遍停滞的配景下，这一成绩尤为权贵，展现了咱们大众平台的鸿沟以及全力提供顶尖与专科服务的容许。咱们悉力于开拓面向改日的参谋人团队，隐蔽钞票握住、机构业务及零卖鸿沟，成立行业发轫的竞争圭臬。
除了招聘与培训，咱们还为参谋人配备顶端AI器具，如Connect Coach和Sales Assist，大幅种植出产着力，扩大专科范围。凭借逾越80%的资产及钞票握住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，减省败兴疏导的责任，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持续增长至关伏击。
为每位客户量身定制决策
咱们对个性化提出的愿景，是让客户与参谋人约略证据特有需求作念出生动弃取。为了增强这方面的才气，咱们完成了两项伏击往复，分袂在2020及2021年收购了55ip和OpenInvest。咱们的时间团队运用收购的时间和平台，加上持续的专有开发责任，为每个投资组合团队配备最当代化和先进的器具和资源。这让他们约略生动周折偏好与相连度，妥当税务需求，打造妥当客户特定主张的投资组合。咱们确信，受托握住者不应为客户投资组合强加弃取或偏好。相背，咱们让客户指明对其伏击的圭臬，摩根大通团队则据此扩充。
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，种植为鼓吹创造的耐久价值。咱们的里面握住团队独处运作，无需依赖外部代理参谋人为政策表决及提供提出。实质上，咱们已遴荐活动大幅减少代理参谋人公司对团队的影响，不再将他们的磋辩论说纳入咱们握住团队及投资各人的处理决策体系。咱们引以为豪的是，主要投资者均积极参与公司处理，并善用他们的专科学问及想法，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，因为咱们是大众伏击的另类投资提供商与投资者之一。比年来，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通达式结构。为此，咱们政策性地将业务范围重组为两大复旧：资产及钞票握住另类投资决策和资产握住私募市集。依托咱们60多年的深厚积淀与丰富深广的投资训戒，新架构旨在拓宽隐蔽范围并终了显着增长。这些调动让咱们约略扩伟业务范围，充分确认咱们在该鸿沟的深厚专科学问，从第三方策略到自把握理的基金，最终为客户提供全处所、定制化的立异投资决策。通过精确匹配接续变化的市集需求与自己资源及业务才气，咱们约略安详独霸复杂的金融环境，推动这一重纪律域的可持续增长。
大众布局
手脚一家领稀有百年历史的企业，咱们长远清爽塑造行业的复杂经济与地缘政事花式。如今，资产及钞票握住部在逾越150个国度/地区服务客户，彰显了咱们悉力于服务大众广宽客户的容许。比年来，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逾越10%的参谋人东谈主数。在中国，咱们在外资资产握住公司中领有较大的中国股票商量分析师团队。这些投资为资产及钞票握住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踪影外，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老练当地市集动态，也与咱们具有凝华力的大众文化保持一致。两者的团结，让咱们约略保持生动敏捷、反应连忙，准确把捏新兴趋势，并为大众客户提供一致的体验。临了，在大众大多数资产及钞票握住网点，咱们都与耗尽者和社区银行以及交易和投资银行业务伙伴共处合并地点，大大增强了咱们对客户和社区的影响。
策略生效越过：为公司和鼓吹带来强健的净资产收益率
与业内敌手比较，咱们不仅事迹优异，对摩根大通的合座告捷也很关键。咱们之是以约略终了行业发轫的净资产收益率，源于咱们严谨地握住资产欠债表上的每一分毫，为鼓吹带来强健的综结伙本文告率。这些后果是在咱们对业务保持无数投资下同期终了的，突显了咱们业务的强健实力，以及对政策投资的专注。
结语
咱们悉力于现实对客户的受托职守，这指导了咱们的责任处所，引颈着每一步的前行。比年的市况充满挑战和波动，咱们都能告捷指引客户和鼓吹应付，同期也投资布局改日，为此，我深感自尊。
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。我和资产及钞票握住运营委员会的同仁努力不懈，为客户尽量种植公司价值，提供投资提出、流动性握住、老本市集专长、信贷、支付、托管及全处所银行服务。客户与每个业务部门相通，都是集团的一份子，共同享有摩根大通浩大的资源和鸿沟上风，这些要求让咱们在竞争中脱颖而出。
咱们至心感谢客户和鼓吹的相信，并将络续悉力于提供至臻服务。凭借摩根大通的上风，咱们有信心约略提供卓越价值，保持行业带领地位。瞻望改日，咱们会精心竭力推动立异和持续增长，络续满足您的所需，超越所望。
2．属目内容请参见今年报第58页属目33。
3．府上起头：公开文献、公司网站、晨星。
4．属目内容请参见今年报第59页属目36。
5．府上起头：公开文献；净资产收益率或雷同规划基于论说数据（如有）。关于未论说净资产收益率或雷同规划的同行，谋略终局起头于论说的闲居鼓吹应占净收入以及论说的平均闲居鼓吹权利。
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．
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职守裁剪：尉旖涵