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[일배우기] Custodian business

초심독자 2018. 11. 14. 11:27

Custodian business

Custody(수탁), Custodian(수탁사) Custodian bank(수탁은행)

Custodians maintain assets for clients. Assets includes securities, commodities and other financial assets.
a role of custodians includes custody, warehousing, safekeeping, record keeping.

Clients and custodians are principal-agent relationship. Clients appoint their custodians by limited power of attorney. Clients can be fund, professional investment firms, pension plans, insurance companies, or foundations.
Foreign clients appoint global - local custodians, usually foreign-based banks such as HSBC and Standard Chartered.  In the global market, big three custodians are BNY Mellon, State Street and JP Morgan.
Domestic clients appoint local custodians, usually local banks such as Kookmin bank or KEBHana.
Korea National Pension Service(NPS), Korea Teachers Mutual Fund (KTMF) and Korea Teachers Pension are examples. Korean local banks take the custody.

Key tasks are communication with clients to process transactions. Before trades, opening accounts with local brokers and setting up terms in local regulatory (Certificate of investment registration for foreign clients). During trades, transaction confirmation and placing cash and securities in time. After trades, maintain the assets for clients with position.

 

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