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Yes could be possible as long as all the SIS act and regs are complied with. Single acquireable asset etc.

The custodian trustee is just a company, i.e. a separate legal person to the fund. It can continue to exist after it has ceased acting as trustee. I think you are confusing things with the bank. The bank has nothing to do with the custodian arrangement, it is just that the law stipulates...