Financial Trustee | Definition | What is a Financial Trustee?

Financial Trustee

Financial Trustee | Definition

(1) A person, bank, or trust company that has responsibility over financial aspects (receipts, disbursement, and investment of pension funds) of a trust. Where this responsibility is not exercised by a bank or trust company, it is usually exercised by a board of trustees in which the individual trustee has but one vote.

(2) One who acts in a capacity of trust as a fiduciary and to whom property has been conveyed for the benefit of another party. Under the terms of the ERISA pension legislation, a fiduciary is "one who occupies a position of confidence or trust and who exercises any power of control, management, or disposition with respect to monies or other property of an employee benefit fund or who has authority or responsibility to do so."

For over 1,000 additional terms and definitions please see our Investment Glossary Guide.

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