Firm announces municipal bond agreement with LPL Financial

Nov 18, 2014

Press Release

New York — JPMorgan Chase & Co. today announced that it has signed an agreement with LPL Financial to provide access to new issue municipal bonds to LPL financial advisors.

Under the agreement, LPL, the nation’s largest independent broker dealer since 1996 [i], will be a preferred retail dealer for J.P. Morgan, further expanding the investment bank’s distribution channels for new issue municipal bonds.

“LPL Financial will now be able to offer the more than 17,500 financial advisors served by LPL access to the new issue municipal bond market from J.P. Morgan,” said Mike Haire, Vice President, Fixed Income Trading at LPL Financial. “The partnership expands LPL’s fixed income offering and differentiates us in this space.”

New issue municipal bonds will be available to LPL financial advisors through their proprietary platform and orders for new bonds will be treated on par with J.P. Morgan and other orders submitted to the underwriting syndicate.

“Partnering with LPL will enable us to offer our municipal issuer clients access to an expansive network of financial advisors and investors,” said Paul Palmeri, Head of Public Finance for J.P. Morgan.  “We are especially pleased to partner with a firm that has such a fantastic reputation for serving its clients.”

J.P. Morgan is the number one overall debt underwriter and the top municipal underwriter in the U.S.  This year, J.P. Morgan underwrote over $340 billion in the global debt markets, according to Dealogic, and over $40 billion in the U.S. municipal markets, according to Thomson Reuters.


[i] Financial Planning magazine, June 1996-2014


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