JPMorgan Asset Management this month acquired 55ip, a Boston and Mumbai-based fintech that offers tax automation technology for financial advisers. Terms of the deal, expected to close by the end of the year, were not disclosed.

Why should we care?
55ip combines investment intelligence and technology to provide personalized and automated investment solutions with a focus on reducing barriers investors face, Vinay Nair, founder and executive chairman of 55ip, said in a statement. Tax-related savings are especially important in an environment with lower rates, lower returns, and higher taxes, he added. JPMorgan Asset Management and 55ip have collaborated in the past, and after the deal closes, 55ip will continue to operate as a separate entity. The objective of bringing 55ip’s technology under JPMorgan’s umbrella will be to apply its automated tax management to model portfolios and help advisers stand out from the competition, Jed Laskowitz, global head of asset management solutions at J.P. Morgan Asset Management, told Financial Planning.