ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of October 1, 2007 reached $9,155.8 m.

/IRBIS, Vitaliy Tomskiy, November 9, 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 5, 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 October 1, 2007 reached KZT1,107,485.1 m. or equivalent $9,155.8 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of September 1, 2007 - KZT1,086,331.9 m. or $8,604.6 m. In September 2007 net assets of accumulative pension funds (APF) grew by 1.9% in tenge and by 6.4% in dollar terms. In August 2007 assets increased by 1.6% in tenge and decreased in dollar equivalent by 0.7%. By the beginning of October 2007 the total amount of PA totaled KZT1,107,929.2 m., out of them KZT1,078,393.2 m. were invested. During September 2007, in all, there were five 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 were PAIMO as well, pension assets were controlled independently. Share of PA, which were controlled by these funds, totaled 63.5% out of the entire amount of PA of the republic, by the beginning of October 2007 (as of September 1, this indicator was 63.2%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of October 1, 2007. Figures in parentheses give the same picture as of September 1, 2007. ----------------------------------------------------------------------------- Total assets --------- ------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ----------------------------------------------------------------------------- PAIMO GRANTUM Asset Management JSC ----------------------------------------------------------------------------- GRANTUM APF JSC 68,501 68,456 6.18 (6.15) 67,061 ----------------------------- --------- --------- ------------- --------- Total 68,501 68,456 6.18 (6.15) 67,061 ----------------------------- --------- --------- ------------- --------- PAIMO Bailyk Asset Management JSC ----------------------------------------------------------------------------- PAPF of open type named after Kunayev JSC 33,674 33,704 3.04 (3.16) 33,336 OAPF SENIM JSC 40,103 40,028 3.61 (3.62) 39,599 APF Korgau JSC 15,349 15,357 1.39 (1.39) 15,013 APF NefteGas-Dem JSC 26,701 26,754 2.41 (2.41) 26,192 ----------------------------- --------- --------- ------------- --------- Total 115,828 115,843 10.45 (10.58) 114,140 ----------------------------- --------- --------- ------------- --------- PAIMO ZHETYSU JSC ----------------------------------------------------------------------------- APF UlarUmit JSC 191,300 191,268 17.26 (17.48) 190,947 ----------------------------- --------- --------- ------------- --------- Total 191,300 191,268 17.26 (17.48) 190,947 ----------------------------- --------- --------- ------------- --------- PAIMO Premier Asset Management JSC ----------------------------------------------------------------------------- APF Respublika JSC 361 360 0.03 (0.012) 354 Total 361 360 0.03 (0.01) 354 ----------------------------- --------- --------- ------------- --------- PAIMO Nur-Trust JSC ----------------------------------------------------------------------------- OAPF Atameken JSC 28,190 28,226 2.55 (2.54) 27,343 ----------------------------- --------- --------- ------------- --------- Total 28,190 28,226 2.55 (2.54) 27,343 ----------------------------- --------- --------- ------------- --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- ------------- --------- APF SAPF JSC 190,708 190,780 17.22 (17.42) 180,081 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 114,998 115,203 10.40 (10.24) 114,690 APF of Halyk 319,228 319,372 28.83 (28.55) 306,051 Bank of Kazakhstan JSC APF Capital JSC 28,774 28,763 2.60 (2.58) 28,675 ----------------------------- --------- --------- ------------- --------- APF Kazakhmys JSC 23,329 23,364 2.11 (2.11) 22,879 ----------------------------- --------- --------- ------------- --------- OAPF Otan JSC 26,270 26,296 2.37 (2.34) 26,172 ----------------------------- --------- --------- ------------- --------- Total 703,307 703,777 63.53 (63.23) 678,548 ----------------------------- --------- --------- ------------- --------- TOTAL pension assets 1,107,485 1,107,930 100.0 1,078,393 ----------------------------------------------------------------------------- The biggest APF by the end of September 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 (28.83% of all PA in management). The second place belongs to APF Ular Umit JSC (17.26%); the third place APF SAPF JSC - (17.22%). The highest asset growth rate (178.26% in tenge) in September was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to APF Halyk Bank of Kazakhstan JSC (growth by KZT9,042.5 m.). The second place by this indicator belongs to DO Bank TuranAlem JSC - APF BTA Kazakhstan. Its assets have grown during the month by KZT3,911.5 m., the third place belongs to APF GRANTUM JSC (growth by KZT1,552.7 m.) Invested assets by financial instruments as of October 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) - 21.18% (21.32%;21.41%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5.39 % (3.55%;8.79%); - stocks of foreign issuers (foreign currencies) - 0.94% (0.65%;0.41 %); - corporate bonds of foreign issuers (foreign currencies) - 7.70% (7.99%;8.04 %); - foreign states' securities - 0.33% (0.02%;0.02 %); - bonds of Kazakhstan companies - 27.80% (26.63%;26.92%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 14.15% (14.09%;15.78%) - deposits and deposit certificates (foreign currencies) - 1.59% (2.32%; 0.00%); - refined gold - 1.39% (0.53%;0.57%); - derivative instruments - minus 0.02% (0.09%,0.01%). Funds on investment accounts and other assets according to data of AFS as of October 1 were 2.65% (5.46%;1.19%) of the total amount of PA. The process of global risk reconsideration continues to affect the local pension system. APF try to diversify their aggregate pension portfolio in the most efficient way. By the month results, the growth of refined gold should be noted, which is connected to its prices dynamics on global markets and uncertainty on the market of borrowed capital and also to the increased interest of "pension managers" for securities of foreign countries. [2007-11-09]