DOL Reopens Comment Period for New QPAM Proposal

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.

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 proposalon 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.

Want the latest institutional investment industry
news and insights? Sign up for CIO newsletters.

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.

Tags: , ,

Norges Bank IM Names Malin Norberg Co-CIO of Asset Strategies

Norberg will share duties with Geir Øivind Nygård in the newly created position.



Norges Bank Investment Management, which manages Norway’s $1.3 trillion Government Pension Fund Global, has promoted Malin Norberg to the newly created position of co-CIO of asset strategies. 

Norberg, who is currently global head of fixed-income trading, will assume the new role April 1 and work alongside current asset strategies CIO Geir Øivind Nygård. She will be co-responsible for the fund’s portfolio management, external manager selection, security lending and trading. NBIM announced it decided to establish the new position “due to the continued growth of asset strategies and the importance of the area.”

Norberg has been with NBIM since 2009, beginning as a system analyst and working her way up to trading analyst and then fixed-income trader before being tapped as head of emerging market debt trading in 2018. She has been global head of fixed-income trading since 2021. She will also become part of NBIM’s Leader Group and contribute to overall strategy, the firm said. 

“I’m very happy Malin has accepted this role,” NBIM CEO Nicolai Tangen said in a release. “Malin has a solid fixed-income and trading background and experience in managing a global team. Besides, she has a strategic mindset and an empathic leadership style.”

For more stories like this, sign up for the CIO Alert newsletter.

Norberg earned a Master of Science degree in industrial engineering and management from Lund Institute of Technology in Sweden.

Related Stories:

Norges Bank Investment Management Names New Co-CIOs of Equities

Norges Bank Board Defends Chief Executive Pick, Again

Norges Bank CEO to Resign, Pension Fund Returns 1.6% in Q3

Tags: , , , , , , ,

«