Audit of the Investment Management Service investment performance measurement system

The Investment Management Service is responsible for the day to day management of the assets of the Fund and for the maintenance of detailed accounts of all investments and other transactions relating to the Fund.

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

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

(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)

Note Data for 1981 1985 refer to direct investments abroad (D1), which are the amount of paid up shares of overseas subsidiaries and associates held by companies in Singapore.

It is expected that this will bring new efficiencies to the operational and accounting processes and procedures of the Investment Management Service.

Milllions of dollars

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

(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

Or think of investment.

(a) The increasing complexity of the market and operational environment has made it imperative for investment management organizations to build a strong compliance monitoring capability

(f) Compliance processes are needed for monitoring the adherence of advisers and service providers to the standards of the Investment Management Service

Mechanisms will include analyses of the donor environment, development of sustainability plans based on projections and results based budgeting frameworks that link investments with expected outcomes and impact, and vigourous advocacy.

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10. Calls upon the Investment Management Service to expeditiously implement the recommendations of the Board of Auditors with regard to the determination of the level of tolerance for risk, improvement in internal review of performance and the trade order management system

(g) It is important to have a function within the Investment Management Service that will play an independent liaison role in the Fund's governance structure in regard to compliance issues.

Implementation of the recommendations of the Office of Internal Oversight Services on the Investment Management Service of the United Nations Joint Staff Pension Fund

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.

There is a need for technical engineers with a financial background in order to ensure that best practices are followed in the area of investment management

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

The Investment Management Service of the Fund stated that it would request the necessary resources in the budget for the 2006 2007 biennium.

Investments

Investment Management 32

Office of Chief Executive Officer 8

Pension Entitlements and Client Services

Custody of investments

Income from investments

Strategic investments