Investment Management 32

Audit of the Investment Management Service investment performance measurement system

The list of exemptions includes a country s net payments to the EU, education expenses, public investment in general, or exceptional expenses.

The estimates for administrative expenses would be charged directly against the Fund and included administrative costs, which related basically to the Pension Fund secretariat and its operations, and investment costs, which related to the management of the investments, including the activities of the Investment Management Service.

Office of the Director, Investment Management Service

Office of the Director, Investment Management Service

Recommendations 7 (a) and (d) Investment management

Table 25 History of the Investment Management Service

Mr. H. L. Ouma, Chief, Investment Management Service

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

Funds drawn from the investment management companies was 26,350,000.

These comprise investment in deposits, bonds and equities managed by the United Nations Investment Management Service.

It is therefore recommended that the costs associated with investment advisers be separated from other operational expenses.

Responding to a question about an increase in marketing expenses, he explained that the overall increase in operating expenses was below the increase in revenues, although investment in marketing expenses was necessary for UNICEF to remain competitive.

Responding to a question about an increase in marketing expenses, he explained that the overall increase in operating expenses was below the increase in revenues, although investment in marketing expenses was necessary for UNICEF to remain competitive.

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

(e) On the cost side, the investment cost of management improvements.

They establish ceilings for public investment and common expenses, sometimes making the principle of additionality somewhat irrelevant to us.

The total investment in management reform measures recorded in 2004 was 3,386,366.

As regards the investment decision making process, some members of the Board suggested that there should be more than one investment adviser, and that the management of the investments should be entrusted to external investment managers who would be under the supervision of the Investment Management Service.

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

(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

The Secretary General, through the Investment Management Service, continued to search for investment opportunities in developing countries during the year under review.

(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

Expenses

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

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

(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)

(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.

Investment cost describes the resources invested in implementing management improvement measures during the reporting year.

Special expenses

Special expenses

Expenses conduit

operating expenses

Special expenses

Special expenses

Prepaid expenses

Entertainment expenses

And expenses.

And expenses.

IX. Special expenses IX. Jointly financed activities and special expenses

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

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.