and capital goods export finance. In asset management the small private client team was transformed into a predominantly institutional investment division, becoming one of the leading London-based asset managers. By 1980 Morgan Grenfell was by far the largest manager of international assets for US pension funds, having anticipated early the international diversification of US pension investments which would arise as a consequence of the passing into law of the US Employee Retirement Income Security Act 1974. In recognition of the export and capital goods finance department's successes Morgan Grenfell became in 1975 the first merchant bank to be awarded the Queen's Award to Industry for export achievement. End of the J. P. Morgan link Although Morgan Grenfell remained an unquoted company until 1986 capital was raised for expansion during the 1960s and 1970s through private placement of stock with institutional investors. However, the continuing substantial minority ownership by a US commercial bank imposed legal constraints on conducting investment banking business in the US, a clear disadvantage at a time of international growth opportunities. This was eventually resolved by a series of transactions in 1981 and 1982 which resulted in Morgan Guaranty Trust (which J. P. Morgan & Co. had become) selling out its shareholding. Securities trading venture and withdrawal Following changes in UK law to eliminate restrictive practices and increase competition in securities trading Morgan Grenfell created new securities sales and trading business in 1984. The bank decided to enter the securities market buying Pinchin Denny, a stock jobber, in April 1984 and Pember & Boyle, a stockbroker, in October 1984. To raise new capital to finance the new operations new equity was issued through a rights issue to existing shareholders and the introduction of Deutsche Bank as a new shareholder. With a view to facilitating future capital raising in 1986 Morgan Grenfell sought and was granted a listing on the London Stock Exchange. However, the 1987 market crash put great strains on the new securities business which was gaining market share but at the cost of increasing losses. By late 1988 management decided to discontinue the business to protect the firm's overall profitability although the businesses in New York and Singapore were retained. Guinness scandal Morgan Grenfell's aggressive prowess in mergers and acquisitions resulted in it overstepping the rules when acting as advisor to Guinness plc during the Guinness share-trading fraud. Investigations by the Department of Trade and Industry