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

Total administrative, investment and audit costs

(b) Investment costs, which cover fees payable to the advisers and custodians for the investment portfolio, the cost of salaries, related staff costs and operational costs for the staff in the Investment Management Service and costs related to meetings of the Investments Committee

If a securities firm is engaged in securities assets management business, it should sign securities assets management contract with customers, defining investment scope, investment ratio, management period, management cost and so on.

(25) As regards income from management cost, it is required to make disclosure of the amount of such income at current period and last period according to such categories as income from securities investment fund management cost and income from social security fund management cost.

(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

After deduction of investment management costs amounting to 29,883,419, net investment income was 1,626,041,068.

The Investment Management Service share would be offset against investment income, as is currently done for all activities under the budget component quot Investment costs quot .

Geneva Office

Investment Section

The cost of the Investment Management Service space would therefore be fully charged against the assets of the Fund.

Investment Management Service 0.33

(c) Audit costs, which cover both internal and external audit costs in both the administrative and investment areas.

Portfolio management

A. Management of the investments . 48 78 14

1. Investment management . 23 31 105

Audit of the Investment Management Service investment performance measurement system

Table 25 History of the Investment Management Service

(g) A reduction in the overall estimates by 300,000, comprising 200,000 in the Investment Management Service and 100,000 in the administrative costs of the Fund

(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 United Nations would not absorb any of the cost of space occupied by the Investment Management Service in New York.

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As regards income from securities investment fund management cost, it is required to list by fund name the amount of such income from each fund at current period and last period for income from social security fund management income, it is required to list by the serial number of social security funds under trusted management the amount of such income from each fund at current period and last period.

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.

Moreover, most active managers indeed, 95 of them underperform their investment benchmarks, and their returns are volatile and risky. Moreover, superior investment managers change over time, so that past performance is no guarantee of future performance.

The environment investing in better resource management

(d) Additional resources amounting to 2.5 million for investment advisory and custodial fees

3. The Investment Management Service has two in house systems (a) a Portfolio Management System, which was installed in 1993 and (b) the Investment Control and Accounting System, which provides automated accounting for the transaction activities of the investments of the Pension Fund.

In carrying out its mandate, the Service aims to achieve the goals and objectives of the Fund's investments, which are to

Investment costs

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.

With regard to investment promotion, Egypt has adopted UNCTAD's recommendation that GAFI be transformed from a control authority into an investment promoter and facilitator.

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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.

Examples include the Centrally Managed Software System, the Office of Human Resources Management databases that are complementary to IMIS and the Treasury Investment System.

There may be some savings to be realized as the Investment Management Service is in the process of changing to one global custodian to replace the master record keeper and three regional custodians.

Investment costs

B. Investment costs

Expenses incurred by the Board in the administration of the Fund principally the cost of its central secretariat at United Nations Headquarters in New York and the expenses of managing its investments are met by the Fund.

Trade and Investment Effects of EMS Standards

The main thrust of the report was to recommend a new hybrid structure for the Service, in which a combination of internal management and permanent temporary external outsourcing of the management of the Fund's investments would be used.

Notwithstanding the growth in the Fund s assets and a complex investment environment, there had been significant improvements in the efficiency and cost effectiveness of investment management.

In previous bienniums, bank charges were shown as a net amount after the interest income had been offset against the charges under Investment Management Service.

(b) Financial incentives provide finance for new investment or to defray capital or operation costs.

(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)