A Custodian plays a crucial role in the safeguarding and administration of a fund's assets, ensuring that investor funds are held securely and in compliance with regulatory requirements. Custodians are responsible for asset settlement, reporting, compliance, and sometimes cash management. They also oversee processes like KYC/AML verification and facilitate the timely execution of trades. Custodians are critical for institutional funds, particularly in complex structures such as fund of funds (FoF), segregated accounts, and prime brokerage relationships, where they ensure safe and efficient operations.