ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of September 1, 2007 reached $8,604.6 m.
/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, October 4, 07/ - According to data of the Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and financial organizations (AFS) presented to IRBIS on October 3, 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 September 1, 2007 reached KZT1,068,331.9 m. or equivalent $8,604.6 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of August 1, 2007 - KZT1,068,961.5 m. or $8,668.9 m.
In August 2007 net assets of accumulative pension funds (APF) grew by 1.6% in tenge and decreased in dollar terms by 0.7% in dollar equivalent. In July 2007 assets increased by 2.5% in tenge and by 1.7% in dollar equivalent.
By the beginning of September 2007 the total amount of PA totaled KZT1,087,130.3 m., out of them KZT1,027,838.1 m. were invested.
During August 2007, in all, there were six 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, pension assets were controlled independently. Share of PA, which were controlled by these funds, totaled 63.2% out of the entire amount of PA of the republic, by the beginning of September 2007 (as of August 1, this indicator was 63.3%).
After OAPF Otan JSC changed to independent PA management 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.
The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of September 1, 2007. Figures in parentheses give the same picture as of August 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 67,014 66,903 6.15 (6.21) 65,547
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Total 67,014 66,903 6.15 (6.21) 65,547
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PAIMO Bailyk Asset Management JSC
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PAPF of open type named after
Kunayev JSC 34,309 34,324 3.16 (0.56) 34,224
OAPF SENIM JSC 39,457 39,361 3.62 (3.64) 38,721
APF Korgau JSC 15,068 15,078 1.39 (1.39) 14,325
APF NefteGas-Dem JSC 26,202 26,252 2.41 (2.44) 24,961
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Total 115,035 115,015 10.58 (8.03) 112,230
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PAIMO ZHETYSU JSC
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APF UlarUmit JSC 189,452 190,053 17.48 (17.28) 189,875
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Total 189,452 190,053 17.48 (17.28) 189,875
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PAIMO Premier Asset Management JSC
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APF Respublika JSC 129 130 0.012 (0.003) 129
Total 129 130 0.01 (2.61) 129
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PAIMO Nur-Trust JSC
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OAPF Atameken JSC 27,608 27,642 2.54 (2.54) 26,814
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Total 27,608 27,642 2.54 (2.54) 26,814
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APF, operating as pension assets management companies independently
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APF SAPF JSC 188,836 189,373 17.42 (17.33) 151,230
APF SB JSC Bank TuranAlem BTA
Kazakhstan JSC 111,299 111,291 10.24 (10.26) 111,070
APF of Halyk 310,600 310,329 28.55 (28.74) 295,299
Bank of Kazakhstan JSC
APF Capital JSC 27,964 27,998 2.58 (2.54) 27,965
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APF Kazakhmys JSC 22,932 22,933 2.11 (2.13) 22,342
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OAPF Otan JSC 25,461 25,463 2.34 (2.35) 25,338
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Total 687,093 687,387 63.23 (63.34) 633,243
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TOTAL pension assets 1,086,332 1,087,130 100.0 1,027,838
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The biggest APF by the end of August 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 (28.55% of all PA in management). The second place belongs to APF Ular Umit JSC (17.48%); the third place APF SAPF JSC - (17.42%).
The highest asset growth rate (471.17% in tenge) in August was recorded in PAPF of open type named after Kunayev JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to PAPF of open type named after Kunayev JSC (growth by KZT28,314.9 m.). The second place by this indicator belongs to APF Ular Umit JSC, assets of which have grown during the month by KZT5,128.5 m., the third place belongs to APF SAPF JSC (growth by KZT3,920.5 m.)
Invested assets by financial instruments as of September 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) - 21.32% (21.41%; 20.97%);
- eurobonds of Kazakhstan sovereign debt - 0.00% (0,00%; 0.00%);
- short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 3.55 % (8.79%;9.03%);
- bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%);
- stocks of foreign issuers (foreign currencies) - 0.65% (0.41 %; 0.53%);
- corporate bonds of foreign issuers (foreign currencies) - 7.99% (8.04 %;7.26%);
- foreign states' securities - 0.02% (0.02 %; 0.58 %);
- securities of international financial organizations - 0.00% (0.00%; 0.00%);
- stocks of Kazakhstan companies - 17.53% (16.86%; 16.87%);
- bonds of Kazakhstan companies - 26.63% (26.92%; 27.30%);
- deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 14.09% (15.78%; 16.19%)
- deposits and deposit certificates (foreign currencies) - 2.32% (0.00%; 0.00%);
- refined gold -0.53% (0.57%;0.53%);
- stocks of Kazakhstan investment funds - 0.00% (0.00%; 0.00%);
- stocks of international investment funds - 0.00% (0.00%; 0.00%);
- derivative instruments - minus 0.09% (0.01%, 0.04%).
Funds on investment accounts and other assets according to data of AFS as of September 1 were 5.46% (1.19%; 0.70%) of the total amount of PA.
Given data illustrate the reaction of Kazakhstani management PA on increased volatility of rates. To all appearances, they did not stay aside from the global process of reconsidering the risks.
First of all, a sharp fall of the stake of the National bank's notes in the registered pension portfolio should be noted. The IRBIS analysts link it to their repurchase on the secondary market by the issuer. The PFs preferred to convert the money received in foreign currency and to put them on deposits in banks. Also, the stake of investments in shares of Kazakhstani and foreign companies grew slightly. But the most interesting was fall of PF's investment rate in bonds of Kazakhstani issuers. Based on all of that, it is possible to conclude that the "the flight into quality" was not alien to Kazakhstani managers of assets.
[2007-10-04]