Which function does not belong to the role of a custodian?

The role of a custodian primarily involves safeguarding and managing investments on behalf of clients. This includes functions like holding securities for safekeeping, maintaining investment records, and ensuring that the assets are protected and accounted for accurately. However, making investment decisions in an account falls outside the custodian’s responsibilities. Custodians are responsible for the physical and electronic safeguarding of securities, providing services such as recordkeeping, settlement of transactions, and income collection, but they do not engage in discretionary decision-making or trading on behalf of clients. This distinction is crucial, as it helps to delineate the roles and responsibilities in the financial services industry, particularly emphasizing that investment strategy and decision-making are typically reserved for investment advisors or asset managers, rather than custodians.