Custodian

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Custodian

Either (1) a bank, agent, trust company, or other organization responsible for safeguarding financial assets, or (2) the individual who oversees the mutual fund assets of a minor's custodial account.

Custodian

A brokerage or other financial institution that holds and manages a client's securities or other assets on his/her behalf. This reduces the risk of the client losing his/her assets or having them stolen. They are also available to the brokerage to sell at the client's demand. Like a bank, a custodian provides an investor a place to store assets with little risk. Brokerages normally require a fee for custodial services. See also: Safekeeping.

custodian

An organization, typically a commercial bank, that holds in custody and safekeeping someone else's assets. These assets may be cash, securities, or virtually anything of value.

Custodian.

A custodian is legally responsible for ensuring that an item or person is safe and secure. In investment terms, a custodian is the financial services company that maintains electronic records of financial assets or has physical possession of specific securities.

The custodian's client may be another institution, such as a mutual fund, a corporation, or an individual. For example, with an individual retirement account (IRA), the custodian is the bank, brokerage firm, or other financial services company that holds your account.

Similarly, the Depository Trust Company, a subsidiary of the Depository Trust and Clearing Corporation (DTCC), is the custodian of millions of stock certificates held in its vaults.

References in periodicals archive ?
Present extra pizza kits, leftover cookies, and sodas to your custodians and grounds crew.
So we put the custodians under central management and say, 'Instead of moving furniture around because the principal asked you to, your job is to clean the floors, the walls, shovel the walk,' etc.
The custodians have the best of both worlds: By contract, they're treated like independent contractors even though they are highly protected civil service workers.
Seller/servicers that are financial institutions with trust powers may act as their own custodians subject to specific requirements on the separation of functions).
How does the custodian communicate with its sub-custodians?
John will also outline how custodians can harness their unique position at the heart of so many transactions and investment relationships to monitor and safeguard against risk.
This is our toughest job, and it's the most important because it's a health issue,'' said Smith, whose custodians clean school restrooms after nutrition break, lunch and throughout the day as needed.
Custodians were monitored at six sites (two courthouses, a college, a power station, a medical center and a city hall) while conducting routine work acivities around various types of asbestos-containing material (ACM).
Document custodians as a group are beginning to recognize the value that automation can bring to their firm.
Very few people, if any, understand the needs of the industry's leading document custodians better than Paula Bowers," said Andrew Dubinsky, CEO of Encomia.
Birgeneau's refusal to offer the custodians a livable wage forced the recent cancellation of commencement addresses by Democratic Party Chairman Howard Dean, California Assembly Speaker Fabian Nunez, State Senator Liz Figueroa, Assemblywoman Carol Liu and U.
Europe is increasingly becoming one market and turning to global custodians that can provide cross-border services for asset portfolios, where the custodian is based.