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For example, a fund may have a securities lending agreement with its custodian which permits the custodian to loan fund securities in exchange for a reduction in custody fees.
FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)
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They are not assets of the fund manager, nor of the custodian.
FORBES: In A World Of Madoffs, Remember What Reagan Told Gorbachev About Trust
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The amendments require that mutual fund financial data reflect amounts the fund would have paid to its service providers, such as its custodian, transfer agent, law firm or printing firm, if a broker had not paid those providers on behalf of the fund.
FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)
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If you believe another money market fund would provide a superior return to your pension, either because it is managed better or has lower fees, the custodian will charge you 25 basis points (in addition to what the unaffiliated fund charges) for the privilege of investing your cash elsewhere.
FORBES: The Art of Theft: How Corporate Fiduciaries Steal From American��s Pensions (February 2, 2005 )
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The net result is that the auditors rely upon unverified statements provided by custodian banks and the banks, in turn, rely upon unverified valuations provided by hedge fund managers handling plan assets.
FORBES: Pension Red Alert: 70% Of Pensions Are Never Audited
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As we discovered recently in one of our investigations, the custodian was receiving an undisclosed 5 basis point revenue sharing fee or kick-back from the affiliated money market fund.
FORBES: The Art of Theft: How Corporate Fiduciaries Steal From American��s Pensions (February 2, 2005 )