Custody fee is administrative fee?

According to GIPS, the custody fee is not trading expense, but what is the type of custody fee? Administration fee?

Yes It normally includes admin fees.

GOOD. I was wondering myself. Not working in an industry sometimes can be a disadvantage :frowning:

I should add, custody fees are fees paid to your Custodian Bank… the one that holds your cash and keeps track of your securities and transaction, and provide you with an account statement each month.