The Department of Labor is considering extending an exemption that would allow Deutsche Bank to continue to manage U.S. retirement assets for at least another three years, according to a report by Bloomberg Law.
Because a unit of the bank was convicted of wire fraud in the U.K. in connection with a Libor-rigging scheme that also involved other major banks, Deutsche is prohibited from serving as a qualified professional asset manager, or QPAM, a designation essential to manage 401(k) and pension plans. It currently enjoys an exemption from that ban.
The exemption requires Deutsche Bank to adopt more stringent compliance procedures and submit to periodic audits of its activities by an independent auditor.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
