By the data of the NSC net pension assets in early February 2001 - $811.4 mln

/IRBIS, Feb 12, 01/ - 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 less accrued interests and accounts payable on pension payments) as of February 1, 2001 equaled KZT117,767.8 mln, or $811.4 mln at weighted average rate of the Exchange, effective on that date. A comparable figure for January 1, 2001 was KZT112,649.4 mln, or $774.8 mln. During the month assets of accumulative pension funds (APF) grew up by 4.5% in tenge denomination, and by 4.7% - in currency terms. In December the assets grew up by 5.0% and 4.1%, respectfully. As of early February the total amount of PA has amounted to KZT117,960.3 mln, of which KZT116,428.9 mln has been invested. There were seven pension assets management companies (PAMC), thirteen private funds and one state pension fund operating in Kazakhstan. The number of funds declined as a result of merger of KaspiiMuniaGas APF CJSC and ABN AMRO APF CJSC to ABN AMRO APF - KaspiiMuniaGas. Table below presents volume of pension assets for each fund and (KZT, mln unless otherwise indicated) and distribution of APF assets among PAMC. --------------------------------------------------------------------------------- Total assets ---------- -------- Net pension Share PAMC / APF assets Volume in total Invested volume, % ABN AMRO ASSET MANAGEMENT PAMC CJSC Halyk Pension Fund APF CJSC 1,739.85 1,742.45 1.5 1,739.76 ABN AMRO APF -Caspii Munai Gas APF 7,016.14 7,026.95 6.0 7,011.59 ----------------------------------- ---------- ---------- -------- ---------- Total 8,755.99 8,769.39 7.4 8,751.35 ----------------------------------- ---------- ---------- -------- ---------- Jetisu PAMC CJSC Ular PAPF CJSC 9,353.15 9,372.85 7.9 9,343.12 Kazakhmys APF CJSC 4,537.00 4,544.56 3.9 4,541.24 ----------------------------------- ---------- ---------- -------- ---------- Total 13,890.15 13,917.41 11.8 13,884.35 ----------------------------------- ---------- ---------- -------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC ----------------------------------- ---------- ---------- -------- ---------- Halyk Bank Kazakhstan APF CJSC 23,054.80 23,118.77 19.6 22,597.33 ----------------------------------- ---------- ---------- -------- ---------- Total 23,054.80 23,118.77 19.6 22,597.33 ----------------------------------- ---------- ---------- -------- ---------- Ak-niet PAMC CJSC ----------------------------------- ---------- ---------- -------- ---------- UMIT APF CJSC 9,613.23 9,632.13 8.2 9,618.90 ----------------------------------- ---------- ---------- -------- ---------- Total 9,613.23 9,632.13 8.2 9,618.90 ----------------------------------- ---------- ---------- -------- ---------- BTA Asset Management PAMC CJSC Kazakhstan NAPF CJSC 2,792.32 2,796.51 2.4 2,796.44 Kurmet NOAPF CJSC 3,509.42 3,509.80 3.0 3,509.79 Nefte-Gas-Dem ONAPF CJSC 2,408.05 2,409.13 2.0 2,406.32 ----------------------------------- ---------- ---------- -------- ---------- Total 8,709.78 8,715.44 7.4 8,712.55 ----------------------------------- ---------- ---------- -------- ---------- Aktiv-Invest PAMC CJSC Valut-Transit Fund NNP CJSC 1,985.95 1,986.48 1.7 1,877.20 Kunayev NNPF CJSC 394.22 395.01 0.3 360.39 ----------------------------------- ---------- ---------- -------- ---------- Total 2,380.17 2,381.49 2.0 2,237.58 ----------------------------------- ---------- ---------- -------- ---------- BESTINVEST PAMC CJSC SENIM APF CJSC 5,654.44 5,656.30 4.8 5,654.31 Korgau APF CJSC " 886.11 887.49 0.8 886.71 ----------------------------------- ---------- ---------- -------- ---------- Total 6,540.54 6,543.79 5.5 6,541.02 ----------------------------------- ---------- ---------- -------- ---------- Total of the non-government sector 72,944.67 73,078.43 62.0 72,343.09 ----------------------------------- ---------- ---------- -------- ---------- Government accumulative pension fund CJSC (GAPF) 44,823.16 44,881.87 38.0 44,085.84 ----------------------------------- ---------- ---------- -------- ---------- Total of pension assets 117,767.82 117,960.31 100.0 116,428.93 --------------------------------------------------------------------------------- The proportion of SAPF assets decreased from 38.94 to 38.05% within a month. The largest private APF at the end of January are: Halyk Bank Kazakhstan APF CJSC (19.60% of all assets) and UMIT APF CJSC (8.17%). The leaders in this category did not change. Halyk Bank Kazakhstan PAMC CJSC is still leading by the volume of managed assets among private companies (31.64% of all pension assets), JETYSU PAMC is the second in the list (19.04%). The order has not changed here. ABN AMRO APF - KaspiiMuniaGas CJSC had the largest assets growth rates (69.5% in terms of tenge and 69.8% in currency terms). The company has become a leader in this category thanks to merger of two funds. The least growth rate belongs to Kunayev NAPF CJSC. Invested assets were distributed among financial instruments as follows (in parentheses - comparable figures as of January 1, 2001): - domestic GB of the Ministry of Finance (KZT) - 4.37% (3.09%); - domestic GB of the Ministry of Finance (USD) - 1.09% (1.04%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 62.37% (66.22%); - notes of National Bank (KZT) - 3.84% (4.35%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.21% (0.23%); - securities (KZT) - 1.93% (1.85%); - securities (foreign currency) - 20.34% (20.66%); - deposits and certificates of deposit (KZT) - 0.23% (0.84%); - deposits and certificates of deposit (foreign exchange) - 5.62% (1.72%). Changes in the portfolio structure of APF in January indicate about development of several new tendencies on the market. The most notable facts are uncommon growth of domestic GB of the Finance Ministry denominated in tenge and significant decline of sovereign eurobond holdings. However, most significant changes happened in share of deposits and deposit certificates category. Their share tripled during the month. In the opinion of IRBIS analysts, it was caused by increase in deposits holdings of the biggest pension fund, State Accumulative PF that increased their share up to 9.13% from 1.46%. SAPF demonstrated shift in investment tactics regarding other instruments as well. 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 the NSC.