DOL Reopens Comment Period for QPAM Exemption Change

A third comment period will remain open until April 6.

The Department of Labor announced today that it is reopening the comment period for the proposed change to the qualified professional asset manager exemption. The new comment period will remain open until April 6.

The DOL indicated it reopened the comment period because “at least one interested party” may have additional information to present that was not submitted by the previous deadline of January 6.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

The new QPAM exemption rule was initially published on July 27, 2022, and the comment period has been both extended and reopened before, including after a public hearing on the proposal on November 17, 2022.

A QPAM is an institution that manages transactions between a retirement plan and “parties in interest.” A QPAM is independent of both the plan and the parties in interest, must act in the best interests of the plan and cannot have any convictions on its record that would compromise its integrity.

The proposed change would clarify that foreign convictions for offenses which also exist in the U.S. would count against a QPAM, as would non-prosecution agreements with the Department of Justice.

A QPAM would also have to indemnify clients for the cost to the client of the QPAM’s disqualification, such as the cost associated with finding another QPAM. The proposed change would also allow the disqualified QPAM to process previously agreed-upon transactions for the plan for one year, even though no new transactions would be permitted.

PGIM Investments Hires Harris as New Managing Director

The global asset management business of Prudential Financial hired an industry veteran to grow its institutional relationship group.

Glenn Harris

PGIM Investments announced in a press release that Glenn Harris has been hired as a managing director and senior relationship manager for its institutional relationship group, effective March 20.

In the new role, Harris reports to Cameron Lochhead, managing director and global head of the institutional relationship group, according to the press release. Harris’ responsibilities include strengthening relationship coverage of CIOs and senior fiduciary investors in the U.S. as a strategic adviser, a spokesperson said by email. 

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

“He will help PGIM’s clients address their strategic investment challenges with PGIM’s resources, while contributing his fiduciary expertise to the firm’s global growth plans and expansion of its institutional client base,” the spokesperson explained.

Harris’ hire followed PGIM Investments’ appointment earlier this month of Murray Brewer as head of the institutional client relationship business for Australia and New Zealand, the release added.

The recent hires demonstrate PGIM is focused on “our global growth strategy,” stated David Hunt, PGIM’s CEO, in the release.

“PGIM’s Institutional Relationship Group team plays an integral role in delivering on our commitment to clients, providing personalized investment insights, and architecting access to the wide range of PGIM affiliates strategies and solutions,” Hunt said.

Harris was previously as an institutional outsourced CIO and senior client portfolio manager for SEI Investments. In the role, Harris managed several dozen relationships across multiple market segments, according to the spokesperson.  

Harris replaced Keshav Rajagopalan in the position after Rajagopalan took a new role with PGIM in its portfolio advisory group, according to the spokesperson.

“Glenn brings nearly 30 years of experience in the investment management industry, where he’s built an impressive track record of earned trust and strong relationships with sophisticated institutional investment committees,” Lochhead stated in the release “His past work with both retirement plans and nonprofit asset owners strengthens our ability to advise our clients.”

PGIM Investments is the global asset management business of insurer Prudential Financial, based in Newark, New Jersey. PGIM assets comprised $1.2 trillion in assets under management as of December 31, 2022, according to the release.

«