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JPMorgan is buying fintech start-up 55ip to help financial advisors offer tax-efficient portfolios

Pedestrians plod in front of the JPMorgan Chase headquarters building in New York.

Scott Mlyn | CNBC

JPMorgan Chase said that its asset directing division has agreed to buy a fintech start-up that helps financial advisors automate the construction of tax-efficient portfolios.

The advance to acquire Boston-based 55ip, announced Wednesday in a press release, is the first acquisition since CEO Jamie Dimon said earlier this year that the associates was on the prowl for takeovers.

“Advisors are increasingly seeking intelligent, automated tools to provide simplicity, scale and efficiency, and by acquiring 55ip we are accelerating our informative investments in advanced advisor technology,” George Gatch, CEO of J.P. Morgan asset management, said in the statement.

JPMorgan didn’t expose how much it intends to pay for the start-up. The two companies announced a partnership in October that will allow advisors to move holdings into portfolios while lessening the amount of taxes due.

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