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 ?
The client has the ability to terminate or change the instruction to the client's qualified custodian.
"Fraud promoters can misrepresent the responsibilities of self-directed IRA custodians to deceive investors into believing that their investments are legitimate or protected against losses," William Beatty, NASAA president and Washington securities director, said in a statement.
* Fee-based financial advisor custodians' revenues will increase to $28.0 billion in 2016, up 250 percent from 2011;
The PHIPAA is New Brunswick's proposed new health privacy legislation which will govern the manner in which personal health information may be collected, used and disclosed by health information 'custodians', individuals or organizations that act on their behalf and other persons who receive personal health information from custodians or their agents.
AR 380-40 requires that all COMSEC accounts have trained personnel to perform as COMSEC custodians. There are two different types of training for COMSEC material management.
Property must be transferred to a custodian who holds it as custodian for the minor under the relevant state's Gifts or Transfers to Minors Act.
With an estimated $50 million budget shortfall between 2000 and 2005, Portland had already closed two elementaries, increased class sizes and trimmed school days (until the district held the dubious honor of offering the shortest school year in the country)--all before resorting to firing the district's 300 custodians. The job was turned over to Portland Habilitation Center for $9.6 million the first year, and a majority of the unemployed union custodians were picked up.
Pungent brown and green dust wafts from the Torrington Livestock Auction grounds, over the THS football field and into the jurisdiction of head custodian Bob McCarty.
Certain evidentiary issues arise when a third-party custodian, such as a bank trust department, provides services related to an entity's investments, including maintaining custody of or investing assets.
I said that we should talk to the custodian and ask that he clean it more often.
On March 16, 1994, Freddie Mac released its Seller/Servicer Bulletin #94-4 announcing new document custodian eligibility requirements.
A global custodian, using either branches of its own bank, a network of foreign banks, or a combination of both, arranges for the settlement of trades and safekeeping of assets in markets around the world.