ANALYSIS: According to data of AFS amount of net pension assets in Kazakhstan as of June 1, 2006 reached $6,246.1 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, June 23, 06/ - According to data of Agency of the Republic of Kazakhstan for regulation and supervision of financial market and financial organizations (AFS) total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission interests, accounts payable on pension payments) as of June 1, 2006 reached KZT757,399.4 m. or $6,246.1 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of May 1, 2006 - KZT738,693.0 m. or $5,937.1 m. In May 2006 net assets of accumulative pension funds (APF) grew by 2.53% in tenge and by 2.20% in dollar equivalent. In April 2006 assets increased by 3.46% in tenge and by 6.77% in dollar equivalent. By the beginning of June, 2006 total amount of PA was KZT758,885.5 m., out of them KZT748,432.6 m. were invested. During May of 2006 there were seven specialized organizations conducting pension assets investment management activity (PAIMO) and 14 APF. Three funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF BTA Kazakhstan JSC, which are actually also PAIMO, controlled pension assets independently. Stake of PA, which was controlled by these funds, by the beginning of June of 2006, totaled 53.91% of all PA of the republic (as of May 1 this indicator was 53.77%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of June 1, 2006. Figures in parentheses give the same picture as of May 1, 2006. ------------------------------------------------------------------------------ Total assets ---------------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------------ PAIMO ABN AMRO Asset Management JSC ------------------------------------------------------------------------------ GRANTUM APF JSC 50,508 50,606 6.67 (6.68) 50,561 APF Kapital JSC 13,358 13,401 1.77 (1.70) 13,369 ----------------------------------- ------- ------- ------------- -------- Total 63,865 64,007 8.43 (8.38) 63,930 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,618 2,626 0.35 (0.34) 2,564 Kunayev JSC OAPF SENIM JSC 31,707 31,833 4.19 (4.15) 31,459 APF Korgau JSC 10,782 10,828 1.43 (1.40) 10,231 APF NefteGas-Dem JSC 18,300 18,312 2.41 (2.43) 18,067 ----------------------------------- ------- ------- ------------- -------- Total 63,406 63,600 8.38 (8.33) 62,321 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 15,019 15,078 1.99 (1.93) 15,009 ----------------------------------- ------- ------- ------------- -------- Total 15,019 15,078 1.99 (1.93) 15,009 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 17,480 17,551 2.31 (2.27) 17,252 ----------------------------------- ------- ------- ------------- -------- Total 17,480 17,551 2.31 (2.27) 17,252 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 135,510 135,375 17.84 (18.16) 134,414 ----------------------------------- ------- ------- ------------- -------- Total 135,510 135,375 17.84 (18.16) 134,414 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-Tranzit Fund JSC 35,634 35,734 4.71 (4.74) 35,411 Total 35,634 35,734 4.71 (4.74) 35,411 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 18,375 18,425 2.43 (2.41) 18,391 ----------------------------------- ------- ------- ------------- -------- Total 18,375 18,425 2.43 (2.41) 18,391 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 135,498 135,803 17.89 (17.95) 132,309 APF BTA Kazakhstan JSC 68,166 68,495 9.03 (8.91) 66,522 APF of Halyk Bank of Kazakhstan JSC 204,446 204,819 26.99 (26.91) 202,874 ----------------------------------- ------- ------- ------------- -------- Total 408,109 409,117 53.91 (53.77) 401,705 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 757,399 758,886 100.0 748,433 ------------------------------------------------------------------------------ The biggest APF by the end of May by volume of net PA (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF Ular Ymit JSC. By the volume of managed assets APF Halyk Bank of Kazakhstan JSC is still leading (27.0% of all PA in management). The second place belongs to APF SAPF JSC (17.89%), the third place - PAIMO ZHETYSU JSC (17.84%). The highest assets growth rate (6.34% in tenge) in May was recorded in APF Capital JSC. In absolute monetary terms the leader is APF Halyk Bank of Kazakhstan JSC. Its PA increased within the month by KZT5,325.6 m. The second place belongs to APF SAPF JSC (growth by KZT2,738.5 m.); the third one - APF BTA Kazakhstan JSC (growth by KZT2,464.3 m.). Invested assets by financial instruments as of June 1, 2006 were allocated as follows (figures in parenthesis display data for previous two months in reverse chronological order, % are given from full PA): - long-term domestic GS of the Ministry of Finance (KZT) - 21.99% (21.17%; 19.78%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.26% (0.10%; 0.55%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 6.77% (9.15%, 9.14%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - shares of foreign issuers (foreign currencies) - 0.38% (0.33%; 0.41%); - corporate bonds of foreign issuers (foreign currencies) - 5.72% (4.66%; 4.54%); - foreign states' securities - 2.84% (3.52%; 3.92%); - securities of international financial organizations - 0.43% (0.44%; 0.49%); - Kazakhstan companies' shares - 12.37% (12.96%; 12.68%); - Kazakhstan companies' bonds - 30.45% (30.00%; 30.74%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 16.23% (15.68%; 16.40%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 1.15% (0.9%; 0.72%); - shares of Kazakhstan mutual funds - 0.00% (0.00%; 0.00%); - shares of foreign mutual funds - 0.03% (0.04%; 0.04%). Funds on investment accounts and other assets according to AFS' data as of June 1 were 1.38% (1.05%; 0.58%) from total amount of PA. Given data speak of absence of principal changes in the structure of investment of PA for analyzed period. The only expressed tendency here is continuing growth of an interest of managers by assets towards internal GS of the Ministry of Finance of Kazakhstan. The most interesting moment to IRBIS's analysts is a hardly noticeable decreasing of PA share, invested in shares of Kazakhstan companies. "Price boom" in the market is away. However, "pension subjects" still prefer holding these instruments that stipulated by a range of other factors, except for objective faith for bright future. The stake of investments in shares by separate funds as of June 1 exceeded 23%. And those funds, which invested major sums of their assets in Kazakhstan companies, nowadays, show the highest values of К2 according to AFS' data. [2006-06-23]