In fund management terminalogy, what is the meaning custodial account?

An account where the investment is purchased from one company but the securities/bonds, etc. are physically held somewhere else. In the mutual fund world, you would buy shares from a company like Fidelity but the underlying securities/bonds, etc. are physically held by a bank.

I'll give it a try.An example of a custodial account would be for instance.If a child goes into fostercare and the parent dies.The social security award that would go to that child would be managed in a custodial account by the state until the child is 18 years old.Hope this sheds some light:)

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