Firms at risk of losing pension business because of LIBOR convictions

The Department of Labor is tentatively denying affiliates of Deutsche Bank AG, UBS AG and Royal Bank of Scotland Group the right to serve U.S. retirement plan clients because of criminal convictions related to LIBOR manipulations and other charges.

Money managers whose firms, parents or affiliates are convicted on criminal charges must seek individual exemptions to serve as qualified professional asset managers for pension fund clients from the DOL, which has faced increased criticism about its process and the granting of QPAM exemptions.

Read on.

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