We think that custody banking is a great business. We assign a wide moat to each of the three focused custody banks that we cover: BNY Mellon, State Street, and Northern Trust. What custodial banks do is take custody of and provide safekeeping for financial assets like stocks and bonds for institutional investors, like pension funds and mutual funds. The custodian banks typically also provide related back-office services, like recording settlement of sales and purchases, tracking day-end values, and collecting dividends.
Source: Morningstar
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