Investment Management 32

Office of the Director, Investment Management Service

Office of the Director, Investment Management Service

Table 25 History of the Investment Management Service

Figure 18 Cost of management of the Fund's portfolio by the Investment Management Service

The system will allow the Service to prepare, on a regular basis, comprehensive risk and performance analyses for senior management and the Investment Committee.

The office is also responsible for the issuance of all reports of the Investment Management Service to the governing United Nations committees and the Investments Committee.

The UNHCR Treasury makes the decisions on investment and cash management.

(b) Develop, administer and maintain system interface with investment advisers, custodians, bankers and all related financial institutions, and maintain the infrastructure and portfolio management and operational systems of the Investment Management Service

(b) To review the procedures and operating methods of the Investment Management Service

(c) Enhancement of the Investment Management Service through the addition of five new posts, indexed management costs, including the costs of transition management services, and consultant costs

(c) Improving the efficiency and flexibility of the Investment Management Service in adopting new investment approaches requires a stronger and more sophisticated infrastructure.

Implement a full segregation of duties on investment and cash management decisions (para. 89)

(d) In view of the size and diversification of the investment portfolio, the Investment Management Service should increase the number of investment managers or review the possibility of hiring additional discretionary investment advisers (AS2001 95 1 14)

(b) Committee on Reforestation and Forest Management

For example, an organization considering a major capital investment might create a temporary working committee of several people to review options and make recommendations to upper management or the Board of Directors.

These include investment project activities (focusing on the conversion or shutting down of enterprises that use or produce ODS), regional management plans, and multi year agreements between governments and the Executive Committee.

(f) Implement a full segregation of duties on investment and cash management decisions (para. 89)

The project will assist the Investment Management Service in mitigating exposure to various risk factors.

(e) The new investment officer will be specialized in alternative asset management, the skills for which significantly differ from those for conventional portfolio management.

Management has already established a risk management committee that will evaluate the piloting of enterprise risk management in the organization.

Investment in payroll systems could provide significant returns in cost avoidance and in better system management.

The office of the Director is responsible for the overall operations of the Investment Management Service.

For 2004 there was no minutes of the Investment Committee meetings.

For 2004 there were no minutes of the Investment Committee meetings.

The goals to be achieved relate to the acquisition, customization, installation and maintenance of investment management systems

This effort will be complemented by investment in Headquarters and mission data collection and information management systems.

A new management team had been appointed for the General Authority for Investment and Free Zones (GAFI).

A state of the art system will allow the Investment Management Service to rapidly and accurately handle complex investment data and analyse the portfolio risk and its performance.

By realigning the Fund's investment, infrastructure and team configuration, a number of the audit recommendations made to the Investment Management Service in the past few years can be implemented.

Two project management committee meetings held in February and June.

Projects aimed at maximizing the potential of remittances must include women, and they needed access to financial management and investment, credit, training in microenterprise management and other resources.

The Advisory Committee was provided with a copy of the budget adopted by the Management Committee.

The office coordinates all investment activities and decisions, the implementation of control procedures, investment committee functions and the financial statements of the Service.

UNHCR agreed with the Board's recommendation to implement a full segregation of duties on investment and cash management decisions.

Under the circumstances, the Investment Management Service has received a number of audit recommendations in the past few years.

Water demand management policies could also be used for reducing the waste water volumes and required investment in sewerage.

To carry out the mission and achieve the Fund's goals and objectives, the Investment Section of the Investment Management Service actively manages portfolios of equity, fixed income, real estate and short term investments, constantly analysing capital markets and investment opportunities.

Under investment cost, the Secretary Chief Executive Officer explained that the additional resources requested were directly linked to the recommendations made in the report of Deloitte and Touche on the investment process, operations and organization of the Investment Management Service.

In October 2004 the Basel Committee issued Consolidated KYC Risk Management.

Historically, the increase of the Fund's value and the speed of the evolution of the market environment have outpaced the build up of investment and operational capability in the Investment Management Service.

Moreover, the Operations Section maintains the budget of the Investment Management Service, monitoring expenditures against budget allocations and processing payments.

Other members of senior management may attend Committee meetings by special invitation.

Although the Investment Management Service is not a registered investment company, the goal of the Risk and Compliance Section would be to enhance the compliance function and, in doing so, foster improved compliance.

The Steering Committee has been replaced by the new Senior Committee on Management, while the Management Performance Board replaces the Accountability Panel, according to the Secretary General's announcement issued in April 2005.