Deutsche Bank Lands DOL Exemption to Manage Retirement Funds

Deutsche Bank AG and DWS Investment Management America Inc., the corporate parent overseeing its US-based qualified professional asset managers, received the Labor Department’s greenlight to keep managing retirement funds, according to a new notice filed by the agency.

The DOL’s Employee Benefits Security Administration filed the prohibited transaction exemption on Wednesday, extending for three years relief that the financial services giant relies upon to manage US 401(k) and individual retirement account assets.

Exemptions have allowed Deutsche Bank and its affiliates to maintain QPAM status after a 2017 wire fraud conviction, which would otherwise disqualify a bank or money manager with ...