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 ?
'All global custodian clients of ISS with exposure to the Taiwanese market can benefit from this new arrangement.'
ALERT is an integral part of DTCCs Institutional Trade Processing product suite and enables a global community of investment managers, brokers/dealers and custodian banks to share accurate account and SSI information automatically worldwide.
The letter confirms the staff's position that an advisor "with power to dispose of client funds or securities for any purpose other than authorized trading has access to the client's assets." Therefore, advisors whose clients execute SLOAs with custodians allowing the advisor to initiate third-party transfers will still be deemed to have custody.
NASAA's recently released enforcement survey reflecting data for 2013, which tracked for the first time fraud related to third-party custodians of self-directed IRAs, found that securities regulators opened 92 investigations and initiated 13 formal enforcement actions involving third-party custodians of self-directed IRAs last year.
* The number of end clients served by fee-based financial advisor custodians will increase to 3.2 million in 2016, up over 50 percent from 2011;
A 'custodian' means an individual or organization that collects, maintains or uses personal health information for the purpose of providing or assisting in the provision of healthcare or treatment or the planning and management of the healthcare system or delivering a government program or service.
Top secret COMSEC accounts will require four Soldiers with a top secret clearance; one to be the primary COMSEC custodian and the other to be the assistant COMSEC custodian.
It is impermissible for an IRA custodian (versus a self-directed IRA advisor, or other financial "advisor") to offer advice.
When Houston Independent School District took that route, officials decided to hire third-party custodians for new schools as they're built.
McCarty, who's active in the NEA Healthy Schools Caucus, reports that many custodians across the country still lack basic training on "environmental issues and responsibilities [and the] leadership skills needed to stand up and say, 'no, that's not right.'"
* HSA trustees or custodians that do not sponsor high-deductible plans may (not must) request proof or certification that an individual is eligible to contribute.
Write thank-you notes or e-mail messages to the secretaries, custodians or grounds crew whenever they perform a special task or favor.