Assets of pension fund of Halyk Savings Bank of Kazakhstan - 9.3 billion tenges

/IRBIS, Oct.20, 99/ - According to REUTERS, which cites Sergei Filin, the head of department of regions development and marketing of HSBK, from the beginning of the year to October 15 the pension assets of HSBK private pension fund have grown from 2,5 billion tenges to more than 9.3 billion tenges. As Sergei Filin said, the growth of assets was caused mainly by two factors - increase of number of investors and tenge devaluation in April. In the beginning of the year the bank had about 365,000 investors, and on October 15 - 524,000 persons from more than 5,000 companies. As main share of assets was invested in the Eurobonds, after tenge devaluation in April it has resulted in sharp growth of the investment income. According to Filin, 94.1% of pension fund's assets are securities, denominated in hard currency. The investment income charged on the individual accounts of the investors in October has made 3.2 billion tenges. In Kazakhstan the reform supposing change of solidary pension system to accumulate, began in 1998. Now there are 14 private pension funds and one state. Each working citizen is obliged to transfer 10% from his salary (income) in any of pension funds. HSBK pension fund is the largest among private pension funds, its founders (in equal shares) are: HSBK and largest national companies - Kazakoil, Kaztransoil, Kazakhstan Temir Zholy (railway), KEGOC (electric networks). According to the data of National Securities Commission of Kazakhstan, total volume of assets of non-state pension funds from the beginning of the year to October 15 have grown from 5.6 billion tenges to more than 23.9 billion tenges.