ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of July 1, 2006 reached $6,509.8 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, July 26, 06/ - According to data of Agency of 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, creditors' debts on pension payments) as of July 1, 2006 reached KZT770,825.7 m. or $6,509.8 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of June 1, 2006 - KZT757,399.0 m. or $6,246.1 m. In June 2006 net assets of accumulative pension funds (APF) grew by 1.77% in tenge and by 4.22% in dollar equivalent. In May 2006 assets increased by 2.53% in tenge and by 5.20% in dollar equivalent. By the beginning of July, 2006 total amount of PA was KZT771,093.8 m., out of them KZT764,282.1 m. were invested. During June of 2006, in all, 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 July of 2006, totaled 53.83% from the whole amount of PA of the republic (as of June 1 this indicator was 53.91%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of July 1, 2006. Figures in parentheses give the same picture as of June 1, 2006. ------------------------------------------------------------------------------ Total assets ------- ------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------------ PAIMO GRANTUM Asset Management JSC ------------------------------------------------------------------------------ GRANTUM APF JSC 51,432 51,497 6.68,(6.67) 51,206 APF Kapital JSC 14,069 14,097 1.83,(1.77) 14,015 ----------------------------------- ------- ------- ------------- -------- Total 65,500 65,594 8.51,(8.43) 65,221 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,759 2,777 0.36,(0.35) 2,725 Kunayev JSC OAPF SENIM JSC 31,273 31,267 4.05,(4.19) 30,156 APF Korgau JSC 11,203 11,254 1.46,(1.43) 10,882 APF NefteGas-Dem JSC 18,681 18,698 2.42,(2.41) 18,627 ----------------------------------- ------- ------- ------------- -------- Total 63,916 63,996 8.30,(8.38) 62,390 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 15,489 15,513 2.01,(1.99) 15,412 ----------------------------------- ------- ------- ------------- -------- Total 15,489 15,513 2.01,(1.99) 15,412 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 17,697 17,720 2.30,(2.31) 17,162 ----------------------------------- ------- ------- ------------- -------- Total 17,697 17,720 2.30,(2.31) 17,162 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 138,124 138,010 17.90,(17.84) 137,708 ----------------------------------- ------- ------- ------------- -------- Total 138,124 138,010 17.90,(17.84) 137,708 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ AP Valut-Tranzit Fund JSC 36,241 36,288 4.71,(4.71) 34,924 Total 36,241 36,288 4.71,(4.71) 34,924 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 18,893 18,921 2.45,(2.43) 18,871 ----------------------------------- ------- ------- ------------- -------- Total 18,893 18,921 2.45,(2.43) 18,871 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 136,940 136,922 17.76,(17.89) 136,020 APF BTA Kazakhstan JSC 69,493 69,543 9.02,(9.03) 68,735 APF of Halyk Bank of Kazakhstan JSC 208,532 208,587 27.05,(26.99) 207,839 ----------------------------------- ------- ------- ------------- -------- Total 414,964 415,053 53.83,(53.91) 412,594 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 770,826 771,094 100.0 764,282 ------------------------------------------------------------------------------ The biggest APF by the end of June in the view of volume of net PA (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF Ular Ymit JSC and APF SAPF JSC. By the volume of managed assets APF Halyk Bank of Kazakhstan JSC is still leading (27.05% of all PA in management). The second place belongs to PAIMO ZHETYSU JSC (17.90%); the third place - APF SAPF JSC (17.76%). The highest assets growth rate (5.73% in tenge) in June was recorded in PAPF of open type named after Kunayev JSC. In absolute monetary terms on the biggest amount of assets growth the leader is APF Halyk Bank of Kazakhstan JSC. Its PA increased within the month by KZT3,768.0 m. The second place by this indicator belongs to APF UlarUmit JSC (growth by KZT2,634.9 m.); the third one - APF SAPF JSC (growth by KZT1,119.8 m.). Invested assets by financial instruments as of July 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 Ministry of Finance (KZT) - 20.22% (21.99%; 21.17%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.28% (0.26%; 0.10%); - short-term domestic GS of Ministry of Finance and the National Bank (KZT) - 7.10% (6.77%; 9.15%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - shares of foreign issuers (foreign currencies) - 0.36% (0.38%; 0.33%); - corporate bonds of foreign issuers (foreign currencies) - 7.89% (5.72%; 4.66%); - foreign states' securities - 1.09% (2.84%; 3.52%); - securities of international financial organizations - 0.30% (0.43%; 0.44%); - Kazakhstan companies' shares - 12.06% (12.37%; 12.96%); - Kazakhstan companies' bonds - 31.11% (30.45%; 30.00%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 17.62% (16.23%; 15.68%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 1.08% (1.15%; 0.9%); - shares of Kazakhstan investmenys funds - 0.00% (0.00%; 0.00%); - shares of foreign investments funds - 0.02% (0.03%; 0.04%). Funds on investment accounts and other assets according to AFS' data as of July 1 were 0.87% (1.38%; 1.05%) from total amount of PA. The given data allow to stress on well-expressed tendency of June - gradual PA withdrawal from Kazakhstan companies' shares' list with increase of investments stake in corporate bonds (including foreign issuers) at the same time and deposits in KZT at pension market. Also it is important to note that stake of PA investments in shares stays rather high, and according to leader of this kind of investments - APF BTA Kazakhstan JSC - it decreased from 23.72% by the beginning of June to 22.55% by the beginning of July. [2006-07-26]