In typically ebullient fashion, Thief of Time also contains a sprinkling of yetis, a clock which will stop time and the Monks of History, whose job it is to manage time, moving it from where it isn't needed (underwater) to where it is (cities).
(The Source)

What is the purpose of 'it' in bold here?
I reckon that we can leave it out, but it must perform some function, mustn't it?

Thanks.