Municipal SMA AUM Update: Reporting through May 2026

Research evidence excerpt

Municipal SMA AUM Update: Reporting through May 2026

Peter DeGroot AC (1-212) 834-7293 Roisin A Gargan (1-212) 834-7010 Global Markets Strategy J P M O R G A N

peter.degroot@jpmorgan.com roisin.gargan@jpmchase.com Municipal SMA AUM Update

J.P. Morgan Securities LLC 01 July 2026

Ye Tian (1-212) 834-3051

ye.tian@jpmorgan.com

Our updated methodology estimates 2025 municipal SMA

AUM at $1.6tn, underscoring their role as a primary source of

muni demand

Form ADV data has proven to be a valuable resource for estimating municipal SMA

AUM. Most firms report AUM after 1Q (usually around May), reflecting the

requirement for investment advisers to submit updates within 90 days of their fiscal

year-end (and promptly after material changes), which aligns with calendar year-end for

the vast majority of advisers (over 95% in 2022, for example), according to Investment

Adviser Registration Depository data.

We made two primary enhancements to our methodology:

1. We now incorporate all reporting firms with AUM below $500 million, ensuring a

more comprehensive estimate.

2. Our analysis now extends back to 2017, coinciding with the requirement for firms to

disclose municipal proportions within their AUM.

Importantly, our estimates do not simply aggregate the total reported AUMs from

Form ADV data. The dataset encompasses a broad spectrum of registered investment

advisers, including transaction fee-based advisers, RIAs, and, in some cases,

duplicates or subsidiaries of the same institutions. To more accurately represent the

SMA space, we carefully screened these assets, supplementing our analysis with

insights from previous client surveys and direct feedback.

We also acknowledge that, despite this diligence, inaccuracies could exist in both

directions.