Total amount of net pension assets in early December - $744.1 mln

/IRBIS, Dec.13, 00/ - According to the National Securities Commission of Kazakhstan (NSC), total amount of the net pension assets (PA) in the country (total amount of pension assets minus accrued interests and accounts payable on pension payments) as of December 1, 2000 equalled KZT107,261.9 mln or $744.1 mln at weighted average rate of the Exchange, effective on that date. A comparable figure for November 01, 2000 was KZT101,792.7 mln or $713.8 mln. During the month assets of accumulative pension funds (APF) grew up by 5.4% in tenge denomination, and by 4.2% - in currency terms. In November the assets grew up by 4.7% and 4.8% respectfully. As of early December the total amount of PA has amounted to KZT107,500.9 mln, of which KZT107,262.6 mln has been invested. There were seven pension assets management companies (PAMC) and fourteen private and one state funds operating in Kazakhstan during November. The number of funds and companies did not change. Table below presents volume of pension assets for each fund and (KZT, mln unless otherwise indicated) and distribution of assets among companies. -------------------------------------------------------------------------------- Total assets -------------------------- Net pension Share in total PAMC / APF assets Volume volume, % Invested -------------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC -------------------------------------------------------------------------------- Halyk Pension Fund APF CJSC 1,582.17 1,585.09 1.47 1,582.49 Caspii Munai Gas APF CJSC 1,985.41 1,989.25 1.85 1,982.82 ABN AMRO APF CJSC 3,958.81 3,967.18 3.69 3,944.16 -------------------------------------------------------------------------------- Total 7,526.39 7,541.52 7.02 7,509.47 Zhetisu PAMC CJSC -------------------------------------------------------------------------------- Ular PAPF CJSC 8,436.25 8,462.64 7.87 8,456.72 Kazakhmys APF CJSC 4,185.46 4,196.27 3.90 4,195.33 -------------------------------------------------------------------------------- Total 12,621.71 12,658.91 11.78 12,652.05 Halyk Bank Kazakhstan pension assets management company CJSC -------------------------------------------------------------------------------- Halyk Bank Kazakhstan APF CJSC 20,586.61 20,635.35 19.20 20,560.84 -------------------------------------------------------------------------------- Total 20,586.61 20,635.35 19.20 20,560.84 Ak-niet PAMC CJSC -------------------------------------------------------------------------------- UMIT APF CJSC 8,407.23 8,425.66 7.84 8,332.05 -------------------------------------------------------------------------------- Total 8,407.23 8,425.66 7.84 8,332.05 BTA Asset Management PAMC CJSC -------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 2,490.46 2,497.31 2.32 2,494.00 Kurmet NOAPF CJSC 2,789.82 2,790.97 2.60 2,790.96 Nefte-Gas-Dem ONAPF CJSC 2,141.67 2,141.85 1.99 2,141.58 -------------------------------------------------------------------------------- Total 7,421.95 7,430.12 6.91 7,426.54 Aktiv-Invest PAMC CJSC -------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 1,736.59 1,736.95 1.62 1,733.85 Kunayev NNPF CJSC 378.64 379.62 0.35 379.03 -------------------------------------------------------------------------------- Total 2,115.23 2,116.57 1.97 2,112.88 BESTINVEST PAMC CJSC -------------------------------------------------------------------------------- SENIM APF CJSC 5,041.26 5,050.75 4.70 5,039.80 Korgau APF CJSC " 584.98 586.18 0.55 575.89 -------------------------------------------------------------------------------- Total 5,626.25 5,636.92 5.24 5,615.70 Total of the non-government 64,305.36 64,445.06 59.95 64,209.52 sector -------------------------------------------------------------------------------- Government accumulative pension fund CJSC (GAPF) 42,956.56 43,055.82 40.05 43,053.09 -------------------------------------------------------------------------------- Total of pension assets 107,261.92 107,500.88 100.00 107,262.61 -------------------------------------------------------------------------------- The proportion of GAPF assets decreased from 40.8 to 40.1% within a month. The largest private APF at the end of November are: Halyk Bank Kazakhstan APF CJSC (19.20% of all assets) and Ular PAPF CJSC (7.87%). The leaders in this category are still the same. Yet, Ular PAPF CJSC gains only three percentage points over Umit APF. Halyk Bank Kazakhstan PAMC CJSC is leading by the volume of managed assets among private companies (32.02% of all pension assets), JETYSU PAMC is the second in the list (19.64%). The order has not changed here also. Korgau APF CJSC had the largest assets growth rates (23.6% in tenge and 22.3% in currency terms). The company has been a leader in this category during ten months. As previously, the least growth rate was incident to GAPF. Invested assets were distributed among financial instruments as follows (in parentheses - comparable figures as of November 1, 2000): - domestic GB of the Ministry of finance (KZT) - 4.47% (4.40%); - domestic GB of the Ministry of finance (USD) - 0.73% (1.05%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 68.39% (72.88%); - notes of National Bank (KZT) - 4.75% (1.95%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.52% (0.54%); - securities (KZT) - 1.86% (1.97%); - securities (foreign exchange) - 16.31% (14.43%); - deposits and certificates of deposit (KZT) - 0.98% (1.10%); - deposits and certificates of deposit (foreign exchange) - 1.99% (1.68%). There were only slight changes in composition of the investment portfolio in comparison to October. Nevertheless, three facts are worth to mention: First, rapid growth of National Bank (NBK) proportion. On the one hand, it reflects broadening of NBK domestic debt because of monetary operations. On the other, PAMC favoured short-term instruments as the situation on the forex market was not always clear. Second, decrease of euronotes position. IRBIS experts assume the same impact of lack of confidence to the devaluation rate. Investment portfolio consisting of 50:50 foreign exchange and tenge bonds is optimal and complies with investment risks diversification strategy. Third, traditional growth in holdings of corporate securities. It is partly explained by November acquisition of KazTransOil bonds and purchase of various securities of foreign issuers. Comments from IRBIS: the analysis has been solely based on the data submitted by the NSC of Kazakhstan. The IRBIS agency is not liable for reliability of the information presented by NSC.