CIFC Exam Dumps | What is the role of a custodian?

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IFSEInstitute.CIFC.v2024-07-30.q103
Question 61

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Question 61/103

What is the role of a custodian?

A. to ensure safekeeping of all the securities in the portfolio

B. to oversee the general administration of the mutual fund

C. to construct and manage the portfolio of investments

D. to calculate the daily net asset value per unit (NAVPU) of the mutual fund

Correct Answer: A

Explanation
A custodian in mutual fund is a trust company, bank, or similar financial institution that is responsible for holding and safeguarding the securities owned within a mutual fund. The custodian also records and reports all transactions to the fund manager. The custodian does not oversee the general administration, construct and manage the portfolio, or calculate the NAVPU of the mutual fund. These are the roles of other entities such as the fund administrator, the fund manager, and the fund accountant.
References = Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.2:
Mutual Funds1 and web search results from search_web(query="role of a custodian in mutual funds")23
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf

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