Geneva Office

Investment Section

Investment Management Service 0.33

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

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.

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

Table 25 History 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

Manage your finances, accounts, and investments

Total administrative, investment and audit costs

The environment investing in better resource management

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

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.

(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.

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.

(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)

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

(b) In order to establish accountability, the Investment Management Service should either (i) ensure that the fixed income investment officer acts with greater independence in the management of the portfolio or (ii) consider outsourcing the fixed income portfolio while maintaining the investment officer to monitor the performance of the outsourced portfolio (AS2003 801 02 011)

(4) Where the investment scopes or investment proportions of the security self operation business and portfolio management business of a securities firm are not conformed to provisions

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

A new post is requested to manage alternative investments.

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

A bigger flow of FDI would transfer technology and organizational skills and crowd in domestic investment.

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.

We found that cash and investment balances were well managed.

It has created 200 jobs, 20 per cent of them for women.

Major investments were made for the protection and management of the environment.

Pension Fund, Investment Management Services, 6,476 square feet in New York

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

Under Secretary General for Management and Representative of the Secretary General for the investments of UNJSPF

The Board also agreed with the need to provide an improved operational management structure for the Investment Management Service in view of the rapid growth in the size of the Fund apos s investments, and consequently endorsed the recommendation to reclassify the post of the Chief of the Service from the D 1 to the D 2 level, with the title of Director of the Investment Management Service.

The guiding principles and policies governing United Nations are applicable to all United Nations offices holding responsibility for investments.

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.

Therefore, the composition of the portfolio reflects the judgement of the Investments Committee, the Investment Management Service staff and the investment advisers, based on the prevailing economic, market and currency trends.

The Board expressed its appreciation to the representative of the Secretary General, to the Chairman and members of the Investments Committee, and to the staff of the Investment Management Service and the investment advisers, for the good investment performance of the Fund.

(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

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.