5. Operating expenses
The amounts required to cover the investment management and operating costs of the Fund are as follows:
5.1 Discretionary Portfolio – fees and expenses
| 2016 €m |
2015 €m |
|
|---|---|---|
| Investment managers' fees | 10 | 3 |
| Global Custodian fees | 1 | 1 |
| System and services | 1 | 1 |
| Legal fees | 2 | 1 |
| Tax fees | 1 | 0 |
| Professional fees | 1 | 0 |
| Other | (0) | 0 |
| NTMA recharge | 10 | 9 |
| 26 | 15 |
Under section 48 of the NTMA Act 2014, the expenses of the Agency in the performance of its functions relating to the Fund are required to be defrayed from the Fund. These amount to €10.4m in 2016 (2015: €8.7m).