> Yes, if you're a $10m hedge fund or a small family office. But not if you need to manage $400bn; then you (really) want a custodian. Who, if they are compete

> Yes, if you're a $10m hedge fund or a small family office. But not if you need to manage $400bn; then you (really) want a custodian. Who, if they are competent, will happily print out a bunch of keys on paper and lock them in boxes, and charge you a 75 basis point asset under management fee for that service. What has that really accomplished though?