According to the National Bank's data the amount of net pension assets in Kazakhstan is $1,842.1 m by the beginning of March of 2003

/IRBIS, March 20, 03/ - According to the data of Department financial supervision 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 charged commissions, accounts payable on pension payments) equaled by March 1, 2003 to KZT281,104.4 m or $1,842.1 m at the weighted average stock exchange's rate determined on this date. Comparable indicator by February 1, 2003 is KZT276,775.7 m or $1,787.6 m. In February accumulative pension funds' (APF) net assets increased by 1.6% in tenge and by 3.3% - in currency. In January of 2003 assets increased by 2.6% in tenge and by 3.3% - in currency. By the beginning of March of 2003 total sum of PA was KZT281,042.1 m, KZT279,125.2 m of them were invested. In all within February of 2003 eight 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 as of March 1. In parentheses stakes of funds and PAMC as of February 1 of 2003 are given for comparison. ------------------------------------------------------------------------- Total assets --------- ------------- Net % of all PA pension of Name of PAMC / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------- PAMC ABN AMRO ASSET MANAGEMENT CJSC ------------------------------------------------------------------------- КAPF Phillip Morris Kazakhstan CJSC 683.2 682.4 0.24 (0.24) 681.8 APF CAPITAL CJSC 798.1 797.2 0.28 (0.24) 785.8 PAF ABN AMRO CJSC- KaspiyMunai Gas 19,921.5 19,918.8 7.09 (7.05) 19,881.0 ---------------------------- ---------- --------- ------------- --------- Total 21,402.8 21,398.5 7.61 (7.53) 21,348.6 ---------------------------- ---------- --------- ------------- --------- PAMC ZHETYSU CJSC ------------------------------------------------------------------------- APF Ular Umyt CJSC 47,092.2 47,068.9 16.75 (17.11) 46,936.8 APF Kazakhmys CJSC 9,015.4 9,008.6 3.21 (3.25) 8,998.7 ONAPF Nefte-Gas Dem CJSC 6,754.5 6,746.4 2.40 (2.40) 6,729.9 ---------------------------- ---------- --------- ------------- --------- Total 62,862.2 62,823.9 22.35 (22.76) 62,843.9 ---------------------------- ---------- --------- ------------- --------- The company of Halyk Bank of Kazakhstan on pension assets management CJSC ---------------------------- ---------- --------- ------------- --------- APF of Halyk Bank of Kazakhstan CJSC 64,277.7 64,217.2 22.85 (22.77) 63,696.5 OAPF OTAN CJSC 3,470.5 3,470.2 1.23 (0.97) 3,352.5 ---------------------------- ---------- --------- ------------- --------- Total 67,748.2 67,687.4 24.08 (23.74) 67,049.0 ---------------------------- ---------- --------- ------------- --------- PAMC Ak niet CJSC APF Korgau CJSC 4,116.8 4,114.4 1.46 (1.44) 4,061.4 NAPF named Kunayev CJSC 861.8 861.7 0.31 (0.30) 857.5 ---------------------------- ---------- --------- ------------- --------- Total 4,978.6 4,976.1 1.77 (1.74) 4,919.0 ---------------------------- ---------- --------- ------------- --------- PAMC BTA Asset Management CJSC ------------------------------------------------------------------------- NAPF Kazakhstan CJSC 7,664.5 7,659.9 2.73 (2.71) 7,630.6 NOAPF Kurmet CJSC 11,734.4 11,722.2 4.17 (4.13) 11,708.1 ---------------------------- ---------- --------- ------------- --------- Total 19,399.0 19,382.1 6.90 (6.84) 19,338.7 ---------------------------- ---------- --------- ------------- --------- NPAMC Activ-Invest CJSC ------------------------------------------------------------------------- NNP Valut-tranzit fund CJSC 8,584.9 8,591.7 3.06 (2.91) 8,536.7 ---------------------------- ---------- --------- ------------- --------- Total 8,584.9 8,591.7 3.06 (2.91) 8,536.7 ---------------------------- ---------- --------- ------------- --------- PAMC BESTINVEST CJSC ------------------------------------------------------------------------- APF SENIM CJSC 13,410.1 13,439.4 4.78 (4.70) 13,377.9 ---------------------------- ---------- --------- ------------- --------- Total 13,410.1 13,439.4 4.78 (4.70) 13,377.9 ---------------------------- ---------- --------- ------------- --------- PAMC NURTRUST CJSC ------------------------------------------------------------------------- APF Narodniy pensionniy fond CJSC 5,309.4 5,303.1 1.89 (1.87) 5,281.1 ---------------------------- ---------- --------- ------------- --------- Total 5,309.4 5,303.1 1.89 (1.87) 5,281.1 ---------------------------- ---------- --------- ------------- --------- State accumulative pension 76,608.8 fund CJSC (SAPF) 77,409.1 77,440.0 27.55 (27.92) ---------------------------- ---------- --------- ------------- --------- TOTAL pension assets 281,104.4 281,042.1 100.0 279,125.2 ------------------------------------------------------------------------- The biggest APF by the end of February (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 (27.5% of all PA in management). The second one is the Company of Halyk Bank of Kazakhstan on pension assets management (24.1%). On the third place is PAMC ZHETYSU (22.4%). OAPF OTAN CJSC has the highest speed of assets increase in February (29.24% in tenge and 31.44% in currency expression). In absolute expression APF of Halyk Bank of Kazakhstan CJSC has the biggest sum of assets increase (its assets increased within the month by KZT1,213.0 m). The second place belongs to OAPF OTAN CJSC (growth by KZT785.1 m), then NNP Valut-tranzit Fund CJSC (growth by KZT541.0 m). Invested assets on financial instruments as of March 1 were distributed in 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) - 11.51% (14.24%; 12.54%); - eurobonds of Kazakhstan sovereign debt (USD) - 20.72% (22.15%; 22.76%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 16.17% (10.99%; 12.43%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.43% (0.45%; 0.44%); - shares of foreign issuers (foreign currencies) - 1.11% (1.14%; 1.15%); - corporate bonds of foreign issuers (foreign currencies) - 1.87% (3.01%; 1.98%); - foreign states' securities - 4.07% (3.56%; 4.92%); - securities of international financial organizations (foreign currencies) - 6.47% (7.23%; 6.75%); - Kazakhstan companies' shares - 4.05% (4.02%; 3.85%); - Kazakhstan companies' bonds - 24.42% (24.83%; 24.33%); - Deposits and deposit certificates (KZT) - 8.45% (7.64%; 7.99%); - Deposits and deposit certificates (foreign currencies) - 0.72% (0.76%; 0.87%). The stake of PA, which as of February 1 had been invested into instruments, which had been issued in foreign currencies (mainly US dollar) or indexed on changing of the rate of KZT relative to USD, equaled on the whole pension system to 59.82%. As of February 1 corresponding figure was 63.12%. The given data is the evidence of the fact that February's main tendency for Kazakhstan pension market's subjects was "escape from dollar", i.e. decreasing of securities in portfolios, which depended on USD's cost in tenge. This a bit late movement was caused by the significant tenge strengthening relative to dollar at the republic's domestic market since the beginning of the year. Only foreign states' securities, the stake of which in aggregated pension portfolio has increased, are the exception. However, taking into account the shown above numerical row, this tendency can not be called pronounced. Interest was also attracted by the significant increase of the stake of the National Bank's notes in APF's portfolios, which is the result of corresponding deformation of state debt'[s structure, which have been issued as GS. Ministry of finance still does not issue new bonds and the National Bank has to compensate absence of new МЕКАМ at the market by means of increasing of notes issue volume. [2003-03-20]