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 amended response also states that an advisor's authority to transfer client assets between the client's accounts at the same or affiliated qualified custodians "that both have access to the sending and receiving account numbers and client account name (e.
The third-party custodian is merely the keeper of the deposits to and distributions from the account.
The three largest fee-based financial advisor custodians will expand their market share of fee-based financial advisor clients to 81 percent in 2016, up from 67 percent in 2011;
1 -- color) Russell Brown, a custodian at Linda Verde School in Lancaster, has won praise for rescuing a fourth-grade boy from a pit bull attack two weeks ago.
Arcangelo as custodian for their son, Fred, by having the stock registered as follows: "Ginny Arcangelo as custodian for Fred Arcangelo under the Pennsylvania Uniform Transfers to Minors Act.
He farmed out buildings and grounds maintenance, along with management of the school custodians (although not the janitors themselves).
McCarty notes that administrators are often slower to listen to a custodian than to a teacher when IAQ problems arise.
It is an evolutionary standard that sets the stage for a broader scope project that will address -- in greater detail -- issues such as the evidence needed to evaluate assertions related to the fair value of financial instruments and the auditor's responsibility for evaluating assertions about investments when a third-party custodian is involved.
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.
Best Europe - Rating Services Limited has affirmed the financial strength rating of B (Fair) and issuer credit rating of "bb" of Custodian and Allied Insurance Plc (Custodian) (Nigeria).