With years of custody experience and in anticipation of regulatory changes, we created the Private Fund Custody service to meet the growing needs of our clients. Registered Investment Advisors (RIAs) and Advisors to private funds may need an independent qualified custodian to help them comply with the amended Custody Rule 206(4)-2 under the Investment Advisors Act of 1940. A qualified custodian serves as an intermediary between the fund, those who manage the fund and those who invest in it.