Final answer:
The common functions performed by most fiduciary operations departments are securities processing and asset control, income collection, and accounting and recordkeeping. Therefore, the correct answer to the question is D. All of the above.
Step-by-step explanation:
The common functions performed by most fiduciary operations departments are securities processing and asset control, income collection, and accounting and recordkeeping.
Securities processing and asset control involves managing and processing financial assets, such as stocks, bonds, and mutual funds, on behalf of clients or the institution itself. This includes tasks like trade settlement, custody of securities, and portfolio management.
Income collection refers to the collection of income generated by the assets under management, such as dividends, interest, or rental income.
Accounting and recordkeeping involves maintaining accurate financial records, performing reconciliations, generating financial reports, and ensuring compliance with regulatory requirements.
Therefore, the correct answer to the question is D. All of the above.