Custodian

From Wikipedia, the free encyclopedia

Custodian can have a few meanings:-

• A custodian, in the United States, is a person that cleans and maintains large buildings, and in this respect it may or may not be synonymous with janitor. Custodians may be paid larger salaries than janitors and have a higher degree of training and licensing, as well as greater responsibilities. Examples include a school custodian or a custodian for any large building or set of buildings.
• Custodian as a legal term, refers to the person appointed to manage and dispense funds for a child without constricting court supervision and accounting requirements.
• A custodian in association football, is often the goalkeeper.
• Custodian as a financial term, refers to a bank (Custodian bank), agent, or other organization responsible for safeguarding a firm's or individual's financial assets. The role of a custodian in such a case would be the following: to hold in safekeeping assets such as equities and bonds, arrange settlement of any purchases and sales of such securities, collect information on and income from such assets (dividends in the case of equities and interest in the case of bonds), provide information on the underlying companies and their annual general meetings, manage cash transactions, perform foreign exchange transactions where required and provide regular reporting on all their activities to their clients.
  • Custodian banks are often referred to as Global Custodians if they hold assets for their clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks in each market to hold accounts for their underlying clients. Assets held in such a manner are typically owned by pension funds.
• A custodian is also the helmet worn by many members of the British Police Force.