A custodian is an entity that holds assets in trust on behalf of others. NZX Wealth Technologies Limited (NZXWT) has been appointed to provide custody services, undertake investment administration and wealth management platform services in respect of investments managed by Saturn Advice on behalf of its clients.
NZXWT has contracted NZXWT Nominees to act as nominee and bare trustee of investments. This means investments will be recorded at Shareholder Registries, at Unit Registries (Fund Manager record keepers), on Bank Accounts and at similar record keepers in the name of the nominee. A separate sub custodian may be appointed to hold international investments. Whilst investments managed by Saturn Advice on your behalf are held in the name of the nominee, you retain beneficial ownership of your investments at all times, and may instruct that you wish to withdraw, transfer, or sell down these investments at any time subject to your client agreement with Saturn Advice, the laws of New Zealand and any other applicable regulations.
Note that Saturn Advice and NZXWT will only pay funds to a bank account that is in the name of the portfolio owner and where proof of the bank account has been provided. NZXWT is a wholly owned subsidiary of the NZ Exchange (NZX).