Total amount of net pension assets in early November - $713.8 mln

/IRBIS, Nov 16, 00/ - According to the National Securities Commission of Kazakhstan (NSC), total amount of the net pension assets (PA) in the country (total amount of pension assets minus accrued interests and accounts payable on pension payments) as of November 1, 2000 equaled KZT101,792.7 mln or $713.8 mln at weighted average rate of the Exchange, effective on that date. A comparable figure for October 01, 2000 was KZT97,227.5 mln or $681.9 mln. During the month assets of accumulative pension funds (APF) grew up by 4.7% in tenge denomination, and by 4.8% - in currency terms. In October the assets grew up by 3.9% and 3.9% respectfully. As of early November the total amount of PA has amounted to KZT101,945.9 mln, of which KZT100,666.9 mln has been invested. There were seven pension assets management companies and fourteen private and one state pension funds operating (PAMC) in Kazakhstan during October. The number of funds and companies did not change. Table below presents volume of pension assets for each fund and (KZT, mln unless otherwise indicated) and distribution of assets among companies. ------------------------------------------------------------------------------- Total assets Net ---------- -------------- pension Share in total PAMC / APF assets Volume volume, % Invested ------------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC ------------------------------------------------------------------------------- Halyk Pension Fund APF CJSC 1,519.94 1,522.28 1.49 1,517.09 Caspii Munai Gas APF CJSC 1,831.00 1,833.70 1.80 1,763.81 ABN AMRO APF CJSC 3,685.87 3,689.34 3.62 3,688.18 ------------------------------- ---------- ---------- -------------- ---------- Total 7,036.80 7,045.32 6.91 6,969.08 ------------------------------- ---------- ---------- -------------- ---------- Zhetisu PAMC CJSC ------------------------------------------------------------------------------- Ular PAPF CJSC 7,967.20 7,977.50 7.83 7,639.38 Kazakhmys APF CJSC 3,969.91 3,975.43 3.90 3,820.19 ------------------------------- ---------- ---------- -------------- ---------- Total 11,937.11 11,952.93 11.72 11,459.57 ------------------------------- ---------- ---------- -------------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC ------------------------------- ---------- ---------- -------------- ---------- Halyk Bank Kazakhstan APF CJSC 19,424.27 19,476.15 19.10 19,345.27 ------------------------------- ---------- ---------- -------------- ---------- Total 19,424.27 19,476.15 19.10 19,345.27 ------------------------------- ---------- ---------- -------------- ---------- Ak-niet PAMC CJSC ------------------------------- ---------- ---------- -------------- ---------- UMIT APF CJSC 7,863.90 7,875.40 7.73 7,830.40 ------------------------------- ---------- ---------- -------------- ---------- Total 7,863.90 7,875.40 7.73 7,830.40 ------------------------------- ---------- ---------- -------------- ---------- BTA Asset Management PAMC CJSC ------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 2,349.52 2,352.64 2.31 2,343.91 Kurmet NOAPF CJSC 2,483.11 2,483.47 2.44 2,480.28 Nefte-Gas-Dem ONAPF CJSC 2,025.31 2,027.28 1.99 2,027.17 ------------------------------- ---------- ---------- -------------- ---------- Total 6,857.94 6,863.39 6.73 6,851.36 ------------------------------- ---------- ---------- -------------- ---------- Aktiv-Invest PAMC CJSC ------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 1,480.32 1,481.01 1.45 1,450.49 Kunayev NNPF CJSC 352.38 353.11 0.35 352.00 ------------------------------- ---------- ---------- -------------- ---------- Total 1,832.70 1,834.12 1.80 1,802.49 ------------------------------- ---------- ---------- -------------- ---------- BESTINVEST PAMC CJSC ------------------------------------------------------------------------------- SENIM APF CJSC 4,783.98 4,788.85 4.70 4,781.58 Korgau APF CJSC " 473.68 474.15 0.47 451.14 ------------------------------- ---------- ---------- -------------- ---------- Total 5,257.67 5,263.00 5.16 5,232.72 ------------------------------- ---------- ---------- -------------- ---------- Total of the non-government 60,210.39 60,310.31 59.16 59,490.87 sector ------------------------------- ---------- ---------- -------------- ---------- Government accumulative pension fund CJSC (GAPF) 41,582.31 41,635.59 40.84 41,176.00 ------------------------------- ---------- ---------- -------------- ---------- Total of pension assets 101,792.70 101,945.90 100.00 100,666.88 ------------------------------------------------------------------------------- The proportion of GAPF assets decreased from 41.9 to 40.8% within a month. The largest private APF at the end of October are: Halyk Bank Kazakhstan APF CJSC (19.10% of all assets) and Ular PAPF CJSC (7.83%). The leaders in this category are still the same. Halyk Bank Kazakhstan PAMC CJSC is leading by the volume of managed assets among private companies (32.29% of all pension assets), JETYSU PAMC is the second in the list (19.82%). The order has not changed here also. Korgau APF CJSC had the largest assets growth rates (25.0% in tenge and currency terms). The company has been leading this category during nine months. As previously, the least growth rate was incident to GAPF. Invested assets were distributed among financial instruments as follows (in parentheses - comparable figures as of October 1, 2000): - domestic GS of the Ministry of finance (KZT) - 4.40% (3.90%); - domestic GS of the Ministry of finance (USD) - 1.05% (1.86%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 72.88% (76.99%); - notes of National Bank (KZT) - 1.95% (2.17%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.54% (0.56%); - securities (KZT) - 1.97% (1.20%); - securities (foreign exchange) - 14.43% (9.56%); - deposits and certificates of deposit (KZT) - 1.10% (1.15%); - deposits and certificates of deposit (foreign exchange) - 1.68% (2.61%). The presented figures showed evolution of the investment portfolios of PAMC towards the non-government securities, mainly to bonds of non- residents. This trend fully reflects aggravating development with the deficit of instruments on the domestic markets at presence of excessive funds. The trend was also confirmed by increase in number of license applications management companies have submitted to the NBK. These licenses give the right to purchase non-resident securities. It is notably that bonds of international financial organisations have also appeared on holdings of GAPF. As of Nov 1, their share amounted to 5.26% of total invested assets of the fund. Comments from IRBIS: the analysis has been solely based on the data submitted by the NSC of Kazakhstan. The IRBIS agency is not liable for reliability of the information presented by NSC.