Prakash Mehta Quoted by The Wall Street Journal on Volcker Rule
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Akin Gump investment funds and private equity practice co-leader Prakash Mehta was quoted by The Wall Street Journal in the article “RBC to Close Proprietary-Trading Desk” on Royal Bank of Canada’s plan to spin off its Global Arbitrage and Trading arm into a standalone hedge fund, possibly by the end of 2014.
According to the article, RBC will likely be an investor in the hedge fund but not an owner in order that it may comply with the Volcker rule, which bans proprietary trading by commercial banks. Mehta said of the rule, “If I put my deposits in a bank, I’m not expecting that those deposits could get lost because some proprietary trader put too much of the bank’s capital at risk.”
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