qualified professional asset manager
(8) the term “qualified professional asset manager” means— (A) a bank, as defined in section 202(a)(2) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a)(2) ) which— (i) has the power to manage, acquire, or dispose of assets of a plan; and (ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, equity capital in excess of $1,000,000; (B) a savings and loan association, the accounts of which are insured by the Federal Deposit Insurance Corporation, which— (i) has applied for and been granted trust powers to manage, acquire, or dispose of assets of a plan by a State or Government authority having supervision over savings and loan associations; and (ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, equity capital or net worth in excess of $1,000,000; (C) an insurance company which— (i) is qualified under the laws of more than one State to manage, acquire, or dispose of any assets of a plan; (ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, net worth in excess of $1,000,000; and (iii) is subject to supervision and examination by a State authority having supervision over insurance companies; or (D) an investment adviser registered under section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3 ) if the investment adviser has, on the last day of its latest fiscal year ending before the date of a determination for the purpose of this subparagraph, total client assets under its management and control in excess of $50,000,000, and— (i) the investment adviser has, on such day, shareholder’s or partner’s equity in excess of $750,000; or (ii) payment of all of the investment adviser’s liabilities, including any liabilities which may arise by reason of a breach or violation of a duty described in section 8477 of this title , is unconditionally guaranteed by— (I) a person (as defined in section 8471(4) of this title ) who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the investment adviser and who has, on the last day of the person’s latest fiscal year ending before the date of a determination for the purpose of this clause, shareholder’s or partner’s equity in an amount which, when added to the amount of the shareholder’s or partner’s equity of the investment adviser on such day, exceeds $750,000; (II) a qualified professional asset manager described in subparagraph (A), (B), or (C); or (III) a broker or dealer registered under section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78 o) that has, on the last day of the broker’s or dealer’s latest fiscal year ending before the date of a determination for the purpose of this clause, net worth in excess of $750,000;