According to the National Bank's data the amount of net pension assets in Kazakhstan is $1,405.6m by the beginning of June of 2002

/IRBIS, June 18, 02/ - According to the data of Department on securities market regulation of the National Bank of Kazakhstan (the Department) amount of the net pension assets (PA) in the country (amount of pension assets excluding liabilities on the imposed commissions, accounts payable on pension payments) equaled by June 1, 2002 to KZT214,908.9m or $1,405.6m by the weighted average rate determined on this date. Comparable indicator by May 1, 2002 is KZT207,732.1m or $1,357.8m. In May Accumulative pension funds (APF) net assets increased by 3.5% in tenge and by 3.4% - in currency. In April of 2002 assets increased by 3.7% in tenge and by 3.3% - in currency. By the beginning of June of 2002 total sum of PA was KZT215,190.2m, KZT212,861.5m of them were invested. In all within May 2002 seven pension assets management companies (PAMC) and 16 APF were functioning in the country. The table below characterizes assets volumes of each fund (KZT mil unless otherwise specified) and assets distribution of APF and PAMC. -------------------------------------------------------------------------------- Total assets ---------- --------- Net pension assets Share in the total Invested Name of PAMC / APF Volume volume, % -------------------------------------------------------------------------------- PAMC ABN AMRO ASSET MANAGEMENT CJSC -------------------------------------------------------------------------------- КAPF Phillip Morris Kazakhstan CJSC 501.32 501.68 0.2 499.10 AOZT APF Narodniy Pensionniy fond 3,846.02 3,849.39 1.8 3,839.67 APF CAPITAL CJSC 125.84 125.93 0.1 122.06 PAF ABN AMRO CJSC- KaspiyMunai Gas 14,805.82 14,812.78 6.9 14,785.16 ---------------------------- ------------------- ---------- --------- ---------- Total 19,279.00 19,289.78 9.0 19,245.99 ---------------------------- ------------------- ---------- --------- ---------- PAMC ZHETYSU CJSC -------------------------------------------------------------------------------- APF Ular Ymit CJSC 36,933.23 36,973.22 17.2 36,860.86 AOZT APF Kazakhmys 7,490.45 7,496.33 3.5 7,493.07 ONAPF Nefte-Gas Dem CJSC 4,923.77 4,967.57 2.3 4,961.30 ---------------------------- ------------------- ---------- --------- ---------- Total 49,347.45 49,437.12 23.0 49,315.23 ---------------------------- ------------------- ---------- --------- ---------- The company of Halyk Bank of Kazakhstan on pension assets management CJSC ---------------------------- ------------------- ---------- --------- ---------- APF of Halyk Bank of Kazakhstan CJSC 46,743.69 46,788.47 21.7 46,585.37 OAPF OTAN CJSC 882.64 883.31 0.4 874.52 ---------------------------- ------------------- ---------- --------- ---------- Total 47,626.33 47,671.78 22.2 47,459.89 ---------------------------- ------------------- ---------- --------- ---------- PAMC Ak niet CJSC -------------------------------------------------------------------------------- NAPF named Kunayev CJSC 613.04 613.55 0.3 593.38 ---------------------------- ------------------- ---------- --------- ---------- Total 613.04 613.55 0.3 593.38 ---------------------------- ------------------- ---------- --------- ---------- PAMC BTA Asset Management CJSC -------------------------------------------------------------------------------- NAPF Kazakhstan CJSC 5,690.82 5,696.80 2.6 5,679.91 NOAPF Kurmet CJSC 8,231.54 8,232.57 3.8 8,227.81 ---------------------------- ------------------- ---------- --------- ---------- Total 13,922.35 13,929.37 6.5 13,907.72 ---------------------------- ------------------- ---------- --------- ---------- AOZT NPAMC Activ-Invest -------------------------------------------------------------------------------- APF Korgau CJSC 2,893.81 2,895.01 1.3 2,887.92 NNP Valyut-tranzit fond CJSC 5,113.63 5,115.40 2.4 5,097.23 ---------------------------- ------------------- ---------- --------- ---------- Total 8,007.44 8,010.41 3.7 7,985.15 ---------------------------- ------------------- ---------- --------- ---------- PAMC BESTINVEST CJSC -------------------------------------------------------------------------------- APF SENIM CJSC 10,495.68 10,496.99 4.9 10,475.16 ---------------------------- ------------------- ---------- --------- ---------- Total 10,495.68 10,496.99 4.9 10,475.16 ---------------------------- ------------------- ---------- --------- ---------- State accumulative pension fund CJSC (SAPF) 65,617.63 65,741.18 30.6 63,878.96 ---------------------------- ------------------- ---------- --------- ---------- TOTAL pension assets 214,908.93 215,190.19 100.0 212,861.50 -------------------------------------------------------------------------------- The biggest APF by the end of April (in descending order of PA sum): SAPF, APF of Halyk Bank of Kazakhstan CJSC and APF Ular Ymit CJSC By the volume of managed assets SAPF is still the leader at pension market (30.5% of all PA in management). The second one is still PAMC ZHETYSU (23.0%). On the third place is the Company of Halyk Bank of Kazakhstan on pension assets management (22.2%). APF Halyk pension fund CJSC has the biggest assets increase in May (7.2% in tenge and 7.1% in currency expression) (excluding APF CAPITAL CJSC and OAPF OTAN CJSC whose assets being the assets of the youngest fund increase very quickly in percentage). In absolute expression SAPF CJSC has the biggest sum of increase (its assets increased within a month by KZT1,718.5m). The second place belongs to APF of Halyk Bank of Kazakhstan CJSC (growth of KZT1,665.8m), then goes APF Ylar Ymit CJSC (increase by KZT935.5m). Invested assets on financial instruments distributed the following way (with the purpose of clearness of tendencies in parentheses data for two previous months given in reverse chronological order) - mid- and long-term domestic GS of the Ministry of Finance(KZT) - 13.57% (13.28%; 12.53%); - eurobonds of Kazakhstan independent debt (USD) - 37.21% (40.08%; 40.33%); - short-term GS of the Ministry of Finance and the National Bank (KZT) - 8.02% (6.74%; 6.71%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.57% (0.59%; 0.62%); - corporate securities of foreign issuers (foreign currencies) - 1.73% (3.76%; 3.63%); - government securities of foreign issuers - 1.49% (0.41%; 0.58%) - securities of international financial organizations (foreign currencies) - 2.84% (1.92%; 3.58%); - Kazakhstan companies' shares - 3.39% (3.41%; 2.77%); - Kazakhstan companies' bonds - 22,11% (21,61%; 21,19%); - Deposits and deposit certificates (KZT) - 4.32% (4.15%; 4.08%); - Deposits and deposit certificates (foreign currencies) - 4.76% (4.06%; 4.00%). Data below shows quite interest and significant deforming of aggregated pension portfolio structure within the reporting period. It is obvious that funds are interested in mid- and long-term domestic GS of the Ministry of Finance, denominated in KZ. This time this interest was observed not from the side of SAPF because share of its investments in these securities notably decreased in May. Sharp fall of share of SAPF assets, which were invested in euronotes of Kazakhstan, as well as the actual investments sum in these bonds, explains, in IRBIS analysts opinion, not only a decrease of corresponding indicator in aggregated pension portfolio, but also that "gap" in actual revenues coefficient, which was found to be in the fund. According to Department's information, published by IRBIS today, for the period from May 2001 to May 2002 in K3 figure SAPF took the first place with large advantage over its competitors. It is obvious that it happened due to receipts capitalization having a sale of euronotes mainly of the forth issue with corresponding consequences for the portfolio in future. SAPF was found to be also an initiator of share growth of PA investments to notes of National Bank. Although, due to short term of this instrument this tendency has to be considered only as temporary. In other positions it is worth of attention the loss of interest in corporate securities of foreign issuers in May with concurrent growth of investments to foreign GS and bonds of IFO. It is also notable that there is a consistent tendency of growth of Kazakhstan companies bonds in aggregated pension portfolio as a consequence of issuers' activeness increase during recent times. [2002-06-18]