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Global custody of endowment funds

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Abstract:

This article explores the law relating to the global custodianship of funds, notably as managed for endowed charities such as universities and independent schools. Is global custody based on the legal concept of bailment or of trusts? Just how secure are the legal underpinnings of this financial mechanism? The conclusions are that the legal foundations to the concepts of custodianship, and especially on a global level with the appointment of sub-custodians, is surprisingly uncertain and confused in English Law, providing rather less reassurance to charity trustees concerning the security of the financial assets for which they are accountable than they might reasonably have expected.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/09539960701547719

Affiliations: New College, Oxford

Publication date: June 1, 2007

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