mutual fund custodian

Mutual fund custodian

A commercial bank or trust company that holds securities owned by a mutual fund and sometimes acts as transfer agent for the mutual fund.

Mutual Fund Custodian

A third party, usually a bank or trust, that holds the securities underlying a mutual fund. The mutual fund custodian may or may not also maintain the records for the mutual fund. The existence of mutual fund custodians is thought to reduce the risk from dishonest brokers by not allowing them to maintain the actual securities. See also: Transfer agent.

mutual fund custodian

An organization that holds in custody the securities owned by a mutual fund. See also custodian.
References in periodicals archive ?
27 /PRNewswire/ -- Investors Bank & Trust Company, a Boston-based mutual fund custodian bank, is currently hosting a four-week Intern Program designed to assist the Polish Securities Commission in becoming more familiar with the U.
When the double-category method is used, the taxpayer also needs to specify to the mutual fund custodian whether the shares are short-term or long-term.
State Street is the leading mutual fund custodian in the nation, with approximately 40 percent of the industry's registered funds under custody.
State Street is the largest mutual fund custodian in the United States with $1 trillion in mutual fund assets under custody.