ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of April 1, 2007 reached $7,780.8 m.
/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, April 30, 07/ - According to data of the Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and financial organizations (AFS) the 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 April 1, 2007 reached KZT963,572.3 m. or equivalent $7,780.8 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of March 1, 2007 - KZT947,398.3 m. or $7,590.7 m.
In March 2007 net assets of accumulative pension funds (APF) grew by 1.7% in tenge and by 2.5% in dollar equivalent. In February 2007 assets increased by 2.3% in tenge and by 3.0% in dollar equivalent.
By the beginning of April 2007 the total amount of PA totaled KZT963,313.3 m., out of them KZT956,714.9 m. were invested.
During March 2007, in all, there were seven specialized organizations carrying out pension assets investment management activity (PAIMO) and 14 APF. Six funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC, APF BTA Kazakhstan JSC, APF Capital JSC, APF Kazakhmys JSC and OAPF Otan JSC, which actually are PAIMO as well, controlled pension assets independently. Share of PA, which was controlled by these funds, by the beginning of April 2006, totaled 62.6% out of the entire amount of PA of the republic (as of March 1 this indicator was 62.1%).
After OAPF Otan JSC changed to independent PA management, as of April 1, 2007 PAIMO ALFA-TRUST JSC was left without assets in the management. However, according to information of AFS employees, this company still executes all prudential norms and therefore, is considered active.
Pension assets of AP Valyut-Transit-Fund JSC starting from March 21, 2007 are in the management of PAIMO Premier Asset Management JSC. Before these assets were managed by PAIMO Active Invest JSC (Karaganda), which by the resolution of the Board of AFS dated April 13, 2007 #92 was deprived of license on pension asset investment management.
The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of April 1, 2007. Figures in parentheses give the same picture as of March 1, 2007.
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Total assets
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Net % of all PA
pension of
Name of PAIMO / APF assets Volume Kazakhstan Invested
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PAIMO GRANTUM Asset Management JSC
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GRANTUM APF JSC 61,913 62,008 6.44 (6.44) 60,523
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Total 61,913 62,008 6.44 (6.44) 60,523
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PAIMO Bailyk Asset Management JSC
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PAPF of open type named after 4,958 4,965 0.52 (0.50) 4,834
Kunayev JSC
OAPF SENIM JSC 37,499 37,501 3.89 (3.93) 37,423
APF Korgau JSC 13,519 13,542 1.41 (1.39) 13,480
APF NefteGas-Dem JSC 23,096 23,128 2.40 (2.37) 21,984
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Total 79,073 79,136 8.22 (8.20) 77,720
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PAIMO ZHETYSU JSC
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APF UlarUmit JSC 167,895 167,099 17.35 (17.45) 166,926
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Total 167,895 167,099 17.35 (17.45) 166,926
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PAIMO Premier Asset Management JSC
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AP Valut-Transit Fund JSC 27,931 27,536 2.86 (3.25) 27,361
Total 27,931 27,536 2.86 ( 0) 27,361
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PAIMO Nur-Trust JSC
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OAPF Atameken JSC 24,741 24,774 2.57 (2.56) 24,468
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Total 24,741 24,774 2.57 (2.56) 24,468
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APF, operating as pension assets management companies independently
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APF SAPF JSC 173,460 173,970 18.06 (17.83) 173,678
APF SB JSC Bank TuranAlem BTA 92,438 92,560 9.61 (9.44) 91,534
Kazakhstan JSC
APF of Halyk 28.14 (28.11)
Bank of Kazakhstan JSC 271,038 271,107 270,112
APF Capital JSC 22,045 22,084 2.29 (2.25) 22,025
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APF Kazakhmys JSC 21,444 21,451 2.23 (2.24) 20,883
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OAPF Otan JSC 21,595 21,588 2.24 (2.25) 21,485
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Total 602,020 602,760 62.57 (62.11) 599,717
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TOTAL pension assets 963,572 963,313 100.0 956,715
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The biggest APF by the end of March from the point of net PA volume (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 keeps on leading (28.14% of all PA in management). The second place belongs to APF SAPF JSC (18.06%); the third place APF Ular Umit JSC - (17.35%).
The highest asset growth rate (4.33% in tenge) in March was recorded in PAPF of open type named after D. Kunayev JSC. In absolute monetary terms on the biggest amount of asset growth the leader is APF SAPF JSC (growth by KZT4,907.1 m.). The second place by this indicator belongs to APF Halyk bank of Kazakhstan JSC, assets of which have grown during the month by KZT4,561.9 m., the third place belongs to DO of Bank TuranAlem JSC APF BTA Kazakhstan (growth by KZT2,994.1 m.)
Invested assets by financial instruments as of April 1, 2007 were allocated as follows (figures in parentheses display data for previous two months in reverse chronological order, % are given from full PA):
- long-term domestic GS of Ministry of Finance (KZT) - 19.81% (20.08%; 19.59%); - eurobonds of Kazakhstan sovereign debt - 0.07% (0.07%; 0.11%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 9.19% (7.8%; 9.76%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - stocks of foreign issuers (foreign currencies) - 0.25% (0.17%; 0.06%); - corporate bonds of foreign issuers (foreign currencies) - 6.91% (6.90%; 5.95%); - foreign states' securities - 0.12% (0.06%; 0,57%); - securities of international financial organizations - 0.00% (0.00%; 0.00%); - stocks of Kazakhstan companies - 16.75% (17.23%; 18.29%); - bonds of Kazakhstan companies - 28.38% (27.17%; 27.54%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 16.82% (17.19%; 16.45%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 0.97% (0.63%; 0.48%); - stocks of Kazakhstan investment funds - 0.00% (0.00%; 0.00%); - shares of foreign investments funds - 0.00% (0.01%; 0.01%); - derivative instruments - 0.05% (0.06%, 0.03%).
Funds on investment accounts and other assets according to data of AFS as of April 1 were 0.68% (1.13%; 2.74%) of the total amount of PA.
March did not bring any expressed tendencies in the asset management to the pension market. Conversely, the data given above evidence about breaking of PA management tactics. Practically, all tendencies that worked here before did not get continuation in March.
From everything that attracts attention, the growth of investment share in stocks of foreign companies looks interesting. IRBIS analysts are not inclined to overestimate only this outlined trend. But, judging by data available at IRBIS, share growth of such kind of investments looks exactly like tendency, which has found the reflection in the investment structure of several funds at the same time.
Another interesting peculiarity of March is the sales by APF of part of Kazakhstani companies' stocks. PA investment share in instruments of this group declines the second month repeatedly, since the market in the middle of February worked out the correctional movement downwards, and at the present time stock prices of most interesting companies change negligibly.
[2007-04-30]