According to the National Bank's data the amount of net pension assets in Kazakhstan is $2,294.0 m by the beginning of October of 2003

/IRBIS, October 22, 03/ - According to the data of Financial supervision department 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 October 1, 2003 to KZT340,935.2 m or $2,294.0 m at the weighted average stock exchange's rate determined on this date. Comparable indicator as of September 1, 2003 was KZT328,753.5 m or $2,229.3 m. In September accumulative pension funds' (APF) net assets increased by 3.67% in tenge and by 2.90% - in currency. In August of 2003 assets increased by 3.82% in tenge and by 3.29% - in currency. By the beginning of October of 2003 total sum of PA was KZT341,532.4 m, KZT336,585.1 m of them were invested. In all within September of 2003 seven organizations, which carried out investment management of pension assets (OCIMPA) and 16 APF were functioning in the country. Number of OCIMPA decreased by one company as the result of reorganization of Company of Halyk Bank of Kazakhstan for pension assets management CJSC by means of joining to Accumulative pension fund of Halyk Bank of Kazakhstan CJSC. Now this fund, as well as SAPF, controls its depositors' assets by itself. As the result stake of PA, which are under funds' control, by the beginning of October reached 49.25% of all PA of the republic. The table below characterizes assets volumes of each fund (KZT mil unless otherwise specified) and distribution of assets of APF on OCIMPA as of October 1. In parentheses stakes of funds and OCIMPA as of September 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 802 803 0.23(0.24) 802 APF CAPITAL CJSC 1,896.9 1,897.3 0.56(0.53) 1,895 PAF ABN AMRO CJSC- 24,310 24,314 7.12(7.21) 23,279 KaspiyMunai Gas ------------------------------------ ------- ------- ------------ -------- ONAPF Nefte-Gas Dem CJSC 8,489 8,492 2.49(2.50) 8,483 ------------------------------------ ------- ------- ------------ -------- Total 35,498 35,506 10.40(10.48) 34,459 ------------------------------------ ------- ------- ------------ -------- PAMC ZHETYSU CJSC ------------------------------------------------------------------------------ APF Ular Umyt CJSC 57,766 57,781 16.92(16.91) 57,695 APF Kazakhmys CJSC 9,926 9,928 2.91(2.95) 9,926 ------------------------------------ ------- ------- ------------ -------- Total 67,692 67,708 19.82(19.86) 67,621 ------------------------------------ ------- ------- ------------ -------- PAMC Ak niet CJSC NAPF named Kunayev CJSC 1,001.5 1,001.8 0.29(0.30) 790 ------------------------------------ ------- ------- ------------ -------- Total 1,002 1,002 0.29(0.30) 790 ------------------------------------ ------- ------- ------------ -------- PAMC BTA Asset Management CJSC ------------------------------------------------------------------------------ NAPF Kazakhstan CJSC 9,645 9,674 2.83(2.85) 9,657 NOAPF Kurmet CJSC 14,511 14,537 4.26(4.28) 14,534 OAPF OTAN CJSC 5,102 5,103 1.49(1.46) 5,097 ------------------------------------ ------- ------- ------------ -------- Total 29,258 29,313 8.58(8.59) 29,288 ------------------------------------ ------- ------- ------------ -------- NPAMC Activ-Invest CJSC ------------------------------------------------------------------------------ PAP Valut-tranzit fund CJSC 12,254 12,260 3.59(3.57) 12,133 ------------------------------------ ------- ------- ------------ -------- Total 12,254 12,260 3.59(3.57) 12,133 ------------------------------------ ------- ------- ------------ -------- PAMC BESTINVEST CJSC ------------------------------------------------------------------------------ APF SENIM CJSC 15,373 15,398 4.51(4.58) 15,248 APF Korgau CJSC 5,221 5,222 1.53(1.54) 5,193 ------------------------------------ ------- ------- ------------ -------- Total 20,594 20,620 6.04(6.12) 20,441 ------------------------------------ ------- ------- ------------ -------- PAMC NURTRUST CJSC ------------------------------------------------------------------------------ APF Narodniy pensionniy fond CJSC 6,864 6,905 2.02(2.03) 6,893 ------------------------------------ ------- ------- ------------ -------- Total 6,864 6,905 2.02(2.03) 6,893 ------------------------------------ ------- ------- ------------ -------- APF, which independently carry out investment management of assets ------------------------------------ ------- ------- ------------ -------- APF of Halyk Bank of Kazkahstan CJSC 81,150 81,175 23.77(23.74) 80,890 State accumulative pension fund CJSC (SAPF) 86,523 87,042 25.49(25.30) 84,069 ------------------------------------ ------- ------- ------------ -------- Total 168 168,218 49.25(23.74) 164,959 ------------------------------------ ------- ------- ------------ -------- TOTAL pension assets 340,835 341,532 100.0 336,585 ------------------------------------------------------------------------------ The biggest APF by the end of September (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 (25.5% of all PA in management). The second one is the Company of Halyk Bank of Kazakhstan for pension assets management (23.8%). On the third place is PAMC ZHETYSU (19.8%). APF KAPITAL CJSC has the highest speed of assets increase in September (7.4% in tenge and 8.0% in currency expression). In absolute expression State accumulative pension fund CJSC (SAPF) has the biggest sum of assets increase (its assets increased within the month by KZT5,107.8 m., and stake at the market increased first for many months). The second place belongs to APF of Halyk Bank of Kazakhstan CJSC (growth by KZT3,042.7 m), then APF UlarUmit CJSC (growth by KZT2,129.7 m). Invested assets on financial instruments as of October 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) - 15.94% (14.16%; 12.31%); - eurobonds of Kazakhstan sovereign debt (USD) - 16.33% (15.96%; 16.33%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 25.42% (24.96%; 26.36%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.24% (0.34%; 0.37%); - shares of foreign issuers (foreign currencies) - 0.85% (0.80%; 0.82%); - corporate bonds of foreign issuers (foreign currencies) - 0.91% (1.98%; 2.03%); - foreign states' securities - 2.44% (2.36%; 2.73%); - securities of international financial organizations (foreign currencies) - 4.75% (6.87%; 6.17%); - Kazakhstan companies' shares - 3.91% (3.90%; 4.12%); - Kazakhstan companies' bonds - 23.30% (22.55%; 22.62%); - deposits and deposit certificates (KZT) - 5.53% (5.61%; 5.54%); - deposits and deposit certificates (foreign currencies) - 0.40% (0.50%; 0.53%). The shown data lets say about new movements of pension assets controllers, which are not typical for the summer period. In particular, growth of the stake of investments into МЕОКАМ of the Ministry of finance of Kazakhstan obtains features of the tendency. It's not surprising, taking into account activity, with which the Ministry of finance borrows money lately at the domestic market. One more important circumstance for "pension market subjects" is also appearance of long securities at the market, which let optimally diversify their portfolios by terms of investments. The growth of euronotes' share of the Kazakhstan sovereign debt in portfolios that funds possess looks rather interesting. In IRBIS analysts opinion it reflects rational devaluation expectations of participants as well as their response to conjecture changes of domestic currency market. In general data on structure dynamics of an aggregated portfolio in September revealed the increasing interest of "pension market participants" in relation to domestic Kazakhstani market and its instruments. From the one hand it is a result of regulating body's activities, from the other - the result of the fact, that asset managing institutions seemingly accepted current interest rates and the tendency of their gradual decline. SAPF's (State Accumulative Pension Fund) entering the corporate finance market and prohibition of SPV bonds purchase at the expense of pension capital can lead to more significant changes in the structure of APF investments in October, IRBIS analysts think. [2003-10-22]