Not sure that in kind means held by custodian. Might be for...

Not sure that in kind means held by custodian. Might be for stock. By law in Australia collective investment vehicles such as unit trusts and ETF‘s have to have the assets held in “safe custody“ to protect investors should the Responsible Entity (RE) or manager become insolvent. It also prevents commingling of client and firm assets
Your big custodians in Australia are State Street, BNP Paribas and JP Morgan. Second tier custodians are One Investment Group, Link, Apex (including FundBPO) and Northern Trust.
On a festive note, JP Morgan’s uncle wrote “Jingle Bells”, although he wanted to call it “In a one horse open sleigh”.