By the data of the NSC net pension assets in early March 2001 - $835.4 mln

/IRBIS, March 14, 01/ - 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 less accrued interests and accounts payable on pension payments) as of March 1, 2001 equaled KZT121,412.5 mln, or $835.4 mln at weighted average rate of the Exchange, effective on that date. A comparable figure for February 1, 2001 was KZT117,767.8 mln, or $811.4 mln. During February assets of accumulative pension funds (APF) grew up by 3.1% in tenge denomination, and by 3.0% - in currency terms. In January 2000 assets grew up by 4.5% and 4.7%, respectfully. Decline of growth trend is linked to seasonal fluctuations. As of early March the total amount of PA has amounted to KZT121,572.1 mln, of which KZT121,184.0 mln has been invested. There were seven pension assets management companies (PAMC), fourteen private funds and one state pension fund operating in Kazakhstan. Number of funds increased due to foundation of new fund, KNPF Philip Morris Kazakhstan NPF CJSC. The fund's assets are managed by ABN AMRO MANAGEMENT PAMC CJSC. The fund was registered on Feb.01, 2001. Custodian and investment contracts were signed on Feb.12, 2001. Table below presents volume of pension assets for each fund and (KZT, mln unless otherwise indicated) and distribution of APF assets among PAMC. ---------------------------------------------------------------------------- Total assets ---------- -------------- Net pension Share in total PAMC / APF assets Volume volume, % Invested ---------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC ---------------------------------------------------------------------------- KNPF Philip Morris Kazakhstan CJSC 0.0 Halyk Pension Fund APF CJSC 1,790.81 1,792.63 1.5 1,785.14 ABN AMRO APF - Caspii Munai Gas APF 7,358.44 7,360.14 6.1 7,328.13 --------------------------- ----------- ---------- -------------- ---------- Total 9,149.25 9,152.77 7.5 9,113.27 --------------------------- ----------- ---------- -------------- ---------- Jetisu PAMC CJSC ---------------------------------------------------------------------------- Ular PAPF CJSC 9,694.66 9,707.68 8.0 9,695.34 Kazakhmys APF CJSC 4,695.66 4,700.83 3.9 4,700.17 --------------------------- ----------- ---------- -------------- ---------- Total 14,390.32 14,408.51 11.9 14,395.51 --------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC --------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan APF CJSC 23,923.24 23,976.94 19.7 23,784.70 --------------------------- ----------- ---------- -------------- ---------- Total 23,923.24 23,976.94 19.7 23,784.70 --------------------------- ----------- ---------- -------------- ---------- Ak-niet PAMC CJSC --------------------------- ----------- ---------- -------------- ---------- UMIT APF CJSC 10,031.69 10,049.65 8.3 10,000.58 --------------------------- ----------- ---------- -------------- ---------- Total 10,031.69 10,049.65 8.3 10,000.58 --------------------------- ----------- ---------- -------------- ---------- BTA Asset Management PAMC CJSC ---------------------------------------------------------------------------- Kazakhstan NAPF CJSC 2,900.68 2,907.49 2.4 2,905.45 Kurmet NOAPF CJSC 3,712.58 3,713.09 3.1 3,709.68 Nefte-Gas-Dem ONAPF CJSC 2,560.82 2,561.78 2.1 2,557.57 --------------------------- ----------- ---------- -------------- ---------- Total 9,174.07 9,182.36 7.6 9,172.70 --------------------------- ----------- ---------- -------------- ---------- Aktiv-Invest PAMC CJSC ---------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 2,093.62 2,094.12 1.7 2,087.98 Kunayev NNPF CJSC 406.78 407.25 0.3 406.18 --------------------------- ----------- ---------- -------------- ---------- Total 2,500.41 2,501.37 2.1 2,494.16 --------------------------- ----------- ---------- -------------- ---------- BESTINVEST PAMC CJSC ---------------------------------------------------------------------------- SENIM APF CJSC 5,877.24 5,878.98 4.8 5,875.13 Korgau APF CJSC 964.61 965.91 0.8 964.28 --------------------------- ----------- ---------- -------------- ---------- Total 6,841.85 6,844.89 5.6 6,839.42 --------------------------- ----------- ---------- -------------- ---------- Total of the non-government 76,010.82 76,116.50 62.6 75,800.35 sector --------------------------- ----------- ---------- -------------- ---------- Government accumulative pension und CJSC (GAPF) 45,401.68 45,455.64 37.4 45,383.65 --------------------------- ----------- ---------- -------------- ---------- Total of pension assets 121,412.50 121,572.14 100.0 121,184.00 ---------------------------------------------------------------------------- The proportion of SAPF assets decreased from 38.05 to 37.39% within a month. The largest private APF at the end of February are: Halyk Bank Kazakhstan APF CJSC (19.72% of all assets) and UMIT APF CJSC (8.27%). The leaders in this category did not change. Halyk Bank Kazakhstan PAMC CJSC is still leading by the volume of managed assets among private companies (31.50% of all pension assets), JETYSU PAMC is the second in the list (18.93%). The order has not changed here. Korgau APF CJSC had the largest assets growth rates (8.9% in terms of tenge and 8.7% in currency terms). In last month, the company has lost its leading position to ABN-AMRO-KaspiiMunaiGas APF CJSC, new joint fund. Korgau APF has been a leader during previous 11 months. Invested assets were distributed among financial instruments as follows (in parentheses - comparable figures as of February 1, 2001): - domestic GB of the Ministry of Finance (KZT) - 6.46% (4.37%); - domestic GB of the Ministry of Finance (USD) - 0.89% (1.09%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 58.18% (62.37%); - notes of National Bank (KZT) - 4.43% (3.84%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.21% (0.21%); - securities (KZT) - 1.98% (1.93%); - securities (foreign currency) - 21.14% (20.34%); - deposits and certificates of deposit (KZT) - 0.36% (0.23%); - deposits and certificates of deposit (foreign exchange) - 6.35% (5.62%). No considerable changes occurred in APF's portfolio during the month. At the same time, figures given above indicate that general trends prevailing on the financial market also took over the APF as well. Growth of domestic GB of Finance Ministry (FM) denominated in tenge and corresponding decrease of euronotes and MEKAVM holdings was caused, on the one hand, by fast falling euronotes yields, on the other, absence of new MEKAVM emissions and gradual redemption of bonds indexed on devaluation. The APF portfolio experiences gradual growth of securities holdings denominated in foreign exchange: in February capitalization of corporate bonds market grew up by $30 mln thank to emissions made by RG BRANDS LLP, Bank TuranAlem OJSC and DAGOK Kustanaiasbest OJSC. The bonds of these companies have been actively purchased by pension assets management companies (PAMC). Share of deposits increased mainly due to Korgau APF CJSC (from 0.0% to 9.1%). Last month changes in holdings of deposits are attributed to SAPF. 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 the NSC.