Friday, March 25, 2016

UNJSPF RSG for Investments: Who's Minding the Store? March 25, 2016

You may recall that on 11 February 2016, Ms. Theresa Panuccio, Acting Chair of the Pension Board Assets and Liabilities Monitoring Committee, wrote to the Secretary-General, stating that the Investment Management Division (headed by the Representative of the Secretary-General for Investments, RSG, Ms. Carolyn Boykin) is “dangerously understaffed”, with five empty “high level vacancies”, “dealing with investments, risk and other important functions. .. leaving the RSG to manage alone with the help of junior staff” and that .” . . . transactions . . . being carried out without the appropriate back-up signatures, in open disregard of proper clearance mechanisms. . clearly violate[ing] the Investment Policy . . ." and are a "loud danger signal" (see article and related letters on UN Pension Blog). Ms. Panuccio asked the SG to ensure the situation is "corrected swiftly."

Today UN Pension Blog received this photo from concerned colleagues, captioned: "The Representative of the Secretary-General for Investments of the assets of the United Nations Joint Staff Pension Fund, Ms. Carolyn Boykin, joined State Street Global Advisors and CALSTRS in ringing the closing bell of the New York Stock Exchange on Thursday, March 10, 2016 to support the future of women in leadership". 

Last year, the RSG reportedly deliberately leaked to the media reports of the UNJSPF moving toward riskier investments such as hedge funds. Now she's in a 'group hug' on Wall Street?   Who’s minding the store? So far I haven’t turned up a related article. Stay tuned. 

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