Firms that place their assets in the custody of a board of trustees is called a(n):

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Firms that place their assets in the custody of a board of trustees is called a trust. A trust is a legal entity that is created to hold and manage assets for the benefit of its beneficiaries. The trustees have a fiduciary duty to manage the assets in the best interest of the beneficiaries. Trusts are commonly used to manage assets such as stocks, bonds, and real estate.

Firms That Place Their Assets in the Custody of a Board