Investment Plan - OPERS

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2 0 1 0 I N V E S T M E N T P L A N INVESTMENT PROGRAM Staffing Costs Assuming full staffing levels in 2010, the chart below details the estimated annual cost of salaries, benefits and incentive compensation for the <strong>Investment</strong> Division. Office of the CIO By comparison, the estimated total compensation costs for 2009 were $11.16 million or 1.47 basis points on $76.16 billion in average assets. The increase in total 2010 compensation costs is entirely due to filling budgeted positions and adding four new ones. Operating Budget The <strong>Investment</strong> Division’s 2010 operating budget (excluding compensation) as of October 8, 2009, was $6.65 million (this operating budget is subject to change prior to its final approval in late 2009). This operating budget reflects an increase of $0.62 million, or 10.2% percent, from the 2009 budget. 22 Estimated 2010 Total Compensation Costs ($ millions) Fund Mgmt. Global Bonds Internal Mgmt. U.S. Equity Internal Mgmt. External Mgmt. Total Invest. Division Salaries 0.99 1.40 1.49 1.47 2.12 7.47 Benefits 0.30 0.49 0.55 0.55 0.71 2.60 Incentive Compensation 0.00 0.25 0.35 0.35 0.25 1.20 Total Compensation 1.28 2.14 2.40 2.37 3.09 11.27 Average Assets in $ billions NA 18.14 17.38 4.65 29.39 69.56 Compensation in Basis Points NA 1.2 1.4 5.1 1.1 1.62 Office of the CIO Operating Budget less Total Compensation ($ millions) Fund Mgmt. Global Bonds Internal Mgmt. U.S. Equity Internal Mgmt. External Mgmt. Total Invest. Division 2009 Operating Budget 1.19 1.17 0.76 0.55 2.36 6.03 2010 Operating Budget 1.47 1.31 0.86 0.61 2.40 6.65 Percent Change 23.1% 12.1% 13.3% 10.2% 1.8% 10.2% Percent of Total 22.1% 19.8% 12.9% 9.2% 36.1% 100.0% Average Assets in $ billions NA 18.14 17.38 4.65 29.39 69.56 Operating Budget in Basis Points NA 0.72 0.49 1.31 0.82 0.96
2 0 1 0 I N V E S T M E N T P L A N INVESTMENT PROGRAM 2010 Operating Budget Audit/Legal/ Consulting Services 40.75% Quotes & Data Feeds 26.64% 23 Office Supplies & Equipment 0.05% Analytics 10.52% Research 8.98% Training & Travel 6.66% IT 6.40% The chart above shows the allocation of the operating expenses across major budget categories. The primary expenses for Audit/Legal/Consulting services are for the Division and individual asset classes. For 2010, estimated Audit/Legal/Consulting fees total $1.85 million, which is 28% of the total operating budget. The primary expenses in the Quotes and Data Feeds category are for data and services provided by vendors such as Bloomberg, Bloomberg POMS, Thomson Reuters and Factset. The Analytics category includes tools and analytics provided by BARRA, Russell, Yield Book and Quantitative Services Group. Research expenses are comprised of independent research services such as Thomson Reuters, Moody's Credit Reports, MSCI Index Service, Intex, Trepp, Global Trading Analytics and RiskMetrics. Training and Travel expenses include all business travel, which is primarily for due diligence on new investments, monitoring existing investments, enhancing operational capabilities and promoting Staff’s educational and professional growth. IT expenses are for the Charles River Trade Order Management System, eFront and Eagle PACE data warehouse.
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Investment Plan - OPERS

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