JPMorgan Chase’s army of private bankers are trying to convince their rich clients to move billions of dollars from Morgan Stanley’s tax strategy funds on to the bank’s own platform, according to people familiar with the matter.
The instruction came after JPMorgan announced an expansion in September of its own so-called “tax-smart” platform whose offerings include tax-loss harvesting — the process of selling securities at a loss which can then be used to offset taxable gains, and customised ETF portfolios.
The use of tax-loss harvesting has boomed in popularity on Wall Street this year with Parametric, owned by Morgan Stanley, one of the most popular providers.
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