April 16, 2021, 1:52 PM; Updated: April 16, 2021, 3:46 PM
German multinational financial services company Deutsche Bank AG will be granted a three-year exemption to continue managing U.S. retirement assets, despite its involvement in an eight-year wire fraud scheme.
The U.S. Labor Department on Monday will issue the bank an individual qualified professional asset manager exemption, known as QPAM, according to a copy of a notice released for public inspection. The exemptions are considered a necessity in the financial services industry to manage clients’ 401(k) and pension plans. The QPAM class exemption can be revoked for felony convictions.
DB Group Services UK Ltd., a wholly owned subsidiary of Deutsche Bank, ...