By the data of National Bank net pension assets in early March 2002 - $1,274.5m

/IRBIS, Apr 08, 02/ - According to the Stock Market Regulatory Department of the National Bank of Kazakhstan (Department), 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 March 1, 2002 equaled KZT193,879.4m, or $1,274.5m at weighted average rate of the Exchange, effective on that date. A comparable figure for February 1, 2002 was KZT188,174.7m, or $1,237.1m. During February net assets of accumulating pension funds (APF) grew by 3.0% in terms of tenge, and by 3.0% - in currency terms. In January 2002 assets grew by 3.2% and 2.5%, respectively. As of early March 2002 total amount of net PA totaled KZT194,033.0m, from which KZT191,959.6m was invested. There were 7 Pension Assets Management Companies (PAMC) and 15 APF operating in February. The amount of PAMC and funds didn't change for the month. AMC Ak niet CJSC has no still assets under its control. Table below presents volume of pension assets for each fund and (KZT, m unless otherwise indicated) and distribution of APF assets among PAMC. -------------------------------------------------------------------------------- Total assets ------------------- Share in Net pension total PAMC / APF assets Volume volume,% Invested -------------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC -------------------------------------------------------------------------------- KNPF Philip Morris Kazakhstan CJSC 458.65 458.75 0.2 456.77 Halyk Pension Fund APF JSCOT 3,276.39 3,277.37 1.7 3,267.98 ABN AMRO APF -Caspii Munai Gas APF 13,159.72 13,163.98 6.8 13,159.61 ---------------------------------- ----------- ---------- ------- ---------- Total 16,894.76 16,900.09 8.7 16,884.36 ---------------------------------- ----------- ---------- ------- ---------- PAMC JETYSU CJSC -------------------------------------------------------------------------------- UlarUmit APF CJSC 33,579.48 33,622.04 17.3 33,537.38 Kazakhmys APF CJSC 6,908.53 6,915.49 3.6 6,909.24 Nefte-Gas-Dem OPAPF CJSC 4,308.78 4,315.94 2.2 4,308.18 ---------------------------------- ----------- ---------- ------- ---------- Total 44,796.79 44,853.47 23.1 44,754.80 ---------------------------------- ----------- ---------- ------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC --------------------------------- ----------- ---------- ------- ---------- Halyk Bank Kazakhstan APF CJSC 41,665.86 41,686.68 21.5 41,338.76 OTAN PAPF CJSC 298.85 299.02 0.2 291.16 ---------------------------------- ----------- ---------- ------- ---------- Total 41,964.72 41,985.70 21.6 41,629.92 ---------------------------------- ----------- ---------- ------- ---------- BTA Asset Management PAMC CJSC -------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 5,086.14 5,093.70 2.6 5,072.88 Kurmet NOAPF CJSC 7,202.24 7,203.39 3.7 7,192.61 ---------------------------------- ----------- ---------- ------- ---------- Total 12,288.38 12,297.10 6.3 12,265.49 ---------------------------------- ----------- ---------- ------- ---------- Aktiv-Invest PAMC CJSC -------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 4,354.06 4,355.39 2.2 4,340.40 Kunayev NNPF CJSC 547.35 547.47 0.3 537.63 ---------------------------------- ----------- ---------- ------- ---------- Total 4,901.41 4,902.86 2.5 4,878.03 ---------------------------------- ----------- ---------- ------- ---------- BESTINVEST PAMC CJSC -------------------------------------------------------------------------------- SENIM APF CJSC 9,602.78 9,603.80 4.9 9,574.97 Korgau APF CJSC 2,453.42 2,455.87 1.3 2,447.68 ---------------------------------- ----------- ---------- ------- ---------- Total 12,056.20 12,059.66 6.2 12,022.65 ---------------------------------- ----------- ---------- ------- ---------- State accumulative pension fund CJSC (SAPF) 60,977.18 61,034.08 31.5 59,524.39 ---------------------------------- ----------- ---------- ------- ---------- Total of pension assets 193,879.43 194,032.96 100.0 191,959.65 -------------------------------------------------------------------------------- The largest private PAPF at the end of December are: SAPF, Halyk Bank of Kazakhstan APF CJSC and UlarUmit APF CJSC. SAPF is still a leader by the volume of managed assets at pension market (31.5% of all PA under control). The second place still belongs to JETYSU PAMC (23.1% of all managed PA). The third - Halyk Bank of Kazakhstan PAMC (21.6%). NNPF Kazakhstan CJSC demonstrated the biggest assets growth rates (4.8% in terms of tenge and 4.8% in currency terms) in February (excluding OTAN OAPF CJSC, whose assets are growing very fast in percentage terms as one of the young funds). In absolute value assets of Halyk Bank of Kazakhstan APF CJSC have the highest growth (its assets have grown for the month by KZT1,384.0m). The second place belongs to UlarUmit APF CJSC (growth by KZT1,123.5m). Invested assets were distributed among financial instruments as follows (for trend showing, the figures for two previous months in reverse chronological order are given in parentheses): - mid- and long-term domestic GS of the Ministry of Finance (KZT) - 12.93% (11.86%; 10.95%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 41,56% (43,26%; 44,05%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5,95% (6,34%; 5,16%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0,62% (0,63%; 0,65%); - securities of foreign issuers (foreign currency) - 3,63% (2,95%; 3,06%); - securities of supranationals - IFO (foreign currency) - 3,57% (3,82%; 3,65%); - shares of Kazakhstani companies - 2,85% (2,93%; 3,64%); - bonds of Kazakhstani companies - 20,31% (20,21%; 20,17%); - deposits and certificates of deposit (KZT) - 3,52% (3,06%; 0,87%); - deposits and certificates of deposit (foreign currency) - 4,59% (4,94%; 7,79%). The abovementioned data allow notice several trends in deformation of the structure of aggregate portfolio of APF. The most important of them - is continuing decline in the proportion of euronotes of sovereign debt of Kazakhstan. Growth of APF assets leaves behind an accumulation of investments into these securities. The same could be said about the shares of Kazakhstan's companies. At the same time NNPF are investing notably into CS of foreign issuers and bonds of Kazakhstan's companies. Their share in portfolio is steadily growing. SAPF in February significantly increased a volume of investments into middle- and long-term domestic GS of the Ministry of finance denominated in tenge and also paid attention to deposits and deposit certificates in national currency. These actions explain the growth of this type instruments in aggregate portfolio of APF. [2002-04-08]