The Labor Department's Employee Benefits Security Administration has granted Goldman Sachs a five-year exemption, allowing it to continue overseeing retirement plan assets as a qualified professional asset manager despite the firm's violations of the Foreign Corrupt Practices Act.
In that case, which Goldman settled for $2.9 billion last October, the bank's Malaysian subsidiary admitted that it had paid more than $1 billion in bribes to win work raising money for the Malaysian state-owned wealth fund, 1MDB. In all, Goldman agreed to pay about $5 billion in penalties to regulators around the world, including the largest monetary penalty ever assessed under U.S. corporate criminal bribery law.
“This exemption provides only the relief specified in the text of the exemption, and only with respect to the criminal convictions or criminal conduct described herein,” EBSA said in a notice in the Federal Register. “It provides no relief from violations of any law other the prohibited transaction provisions of ERISA and the Code.”
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
