55ip will still exist as a separate company but will now have the "full support" of J.P. Morgan after operating for nearly five years as an automated tax technology vendor.
Founder and Executive Chairman Dr. Vinay Nair says the company "combines investment intelligence and modern technology to provide personalized and automated investment solutions with a focus on reducing barriers investors face."
"Tax-related savings are first order, especially in a world with lower rates, lower returns and higher taxes," he said, according to the release.
Nair will stay on as a consultant and special advisor to J.P. Morgan Asset Management.
George Gatch, CEO of J.P. Morgan Asset Management, said the purchase had been necessary because of the needs of advisors who are "increasingly seeking intelligent, automated tools to provide simplicity, scale and efficiency."
"[A]nd by acquiring 55ip we are accelerating our significant investments in advanced advisor technology," he said, according to the release, adding the development signifies “collaboration between FinTech and asset managers, aimed toward improving capabilities and outcomes for advisors and their clients."
