According to the National Bank data the amount of net pension assets in Kazakhstan is $2,346.2 m by the beginning of November 2003

/IRBIS, November 19, 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 November 1, 2003 to KZT348,591.7 m or $2,346.2 m at the weighted average stock exchange's rate determined on this date. Comparable indicator as of October 1, 2003 was KZT340,835.2 m or $2,294.0 m. In October accumulative pension funds' (APF) net assets increased by 2.28% in tenge and currency terms. In September of 2003 assets increased by 3.67% in tenge and by 2.90% - in currency. By the beginning of Novembmer of 2003 total sum of PA was KZT349,129.8 m, KZT338,735.3 m of them were invested. In all within October of 2003 seven organizations, which carried out investment management of pension assets (OCIMPA) and 16 APF were functioning in the country. Only two funds - APF Halyk Bank of Kazakhstan CJSC and SAPF, control its assets by itself. Their share in total pension assets reached 49.15% of the total. (as of October 1 - 49.25%). The table below characterizes assets volumes of each fund (KZT mil unless otherwise specified) and distribution of assets of APF on OCIMPA as of November 1. In parentheses stakes of funds and OCIMPA as of October 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 812.1 812.1 0.23(0.23) 811.9 APF CAPITAL CJSC 2,051 2,051 0.59(0.56) 2,044 PAF ABN AMRO CJSC- 24,823 24,824 7.11(7.12) 23,912 KaspiyMunai Gas ONAPF Nefte-Gas Dem CJSC 8,719 8,719 2.50(2.49) 8,679 ------------------------------------ ------- ------- ------------ -------- Total 36,405 36,406 10.43(10.40) 35,447 ------------------------------------------------------------------------------ PAMC ZHETYSU CJSC ------------------------------------------------------------------------------ APF Ular Umyt CJSC 59,243 59,245 16.97(16.92) 56,592 ------------------------------------ ------- ------- ------------ -------- Total 59,243 59,245 16.97(19.82) 56,592 ------------------------------------------------------------------------------ PAMC Ak niet CJSC ------------------------------------------------------------------------------ NAPF named Kunayev CJSC 1,002.5 1,002.7 0.29(0.29) 707.5 ------------------------------------ ------- ------- ------------ -------- Total 1,002.5 1,002.7 0.29(0.29) 707.5 ------------------------------------------------------------------------------ PAMC BTA Asset Management CJSC ------------------------------------------------------------------------------ NAPF Kazakhstan CJSC 9,926 9,960 2.85(2.83) 9,931 NOAPF Kurmet CJSC 14,820 14,828 4.25(4.26) 14,807 OAPF OTAN CJSC 5,323 5,324 1.52(1.49) 5,306 ------------------------------------ ------- ------- ------------ -------- Total 30,069 30,112 8.62(8.58) 30,044 ------------------------------------------------------------------------------ NPAMC Activ-Invest CJSC ------------------------------------------------------------------------------ PAP Valut-tranzit fund CJSC 12,697 12,718 3.64(3.59) 12,530 ------------------------------------ ------- ------- ------------ -------- Total 12,697 12,718 3.64(3.59) 12,530 ------------------------------------------------------------------------------ PAMC BESTINVEST CJSC ------------------------------------------------------------------------------ APF SENIM CJSC 15,614 15,623 4.47(4.51) 15,375 APF Korgau CJSC 5,329 5,329 1.53(1.53) 5,190 APF Kazahmys 10,011 10,012 2.87(2.91) 9,539 ------------------------------------ ------- ------- ------------ -------- Total 30,954 30,964 8.87(6.04) 30,103 ------------------------------------------------------------------------------ PAMC NURTRUST CJSC ------------------------------------------------------------------------------ APF Narodniy pensionniy fond CJSC 7,072 7,089 2.03(2.02) 7,077 ------------------------------------ ------- ------- ------------ -------- Total 7,072 7,089 2.03(2.02) 7,077 ------------------------------------------------------------------------------ APF, which independently carry out investment management of assets ------------------------------------ ------- ------- ------------ -------- APF of Halyk Bank of Kazkahstan CJSC 83,417 83,778 24.00(23.77) 81,730 State accumulative pension fund CJSC (SAPF) 87,732 87,816 24.15(25.49) 84,505 ------------------------------------ ------- ------- ------------ -------- Total 171,149 171,593 49.15(49.25) 166,235 ------------------------------------------------------------------------------ TOTAL pension assets 348,592 349,130 100.0 338,735 ------------------------------------------------------------------------------ The biggest APF by the end of October (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 APF Halyk Bank of Kazakhstan (24.0%). On the third place is PAMC ZHETYSU (17.0%). Following pension market participants have the highest capitalization level by November 1: APF Halyk Bank of Kazakhstan (authorized capital - KZT1,000.0 m, equity capital - KZT1,377.0 m), PAMC ZHETYSU (authorized capital - KZT400.0 m, equity capiyal - KZT580.2 m), PAMC BTA Asset Management CJSC (authorized capital - KZT200.0 m, equity capiyal - KZT323.6 m), NPAMC Activ-Invest CJSC (authorized capital - KZT200.0 m, equity capiyal - KZT230.8 m). APF KAPITAL CJSC has the highest speed of assets increase in October (8.1% in tenge). In absolute expression APF of Halyk Bank of Kazakhstan CJSC recorded the biggest sum of assets increase. Its assets increased within the month by KZT2,602.3 m., APF Ular Umyt CJSC took second place (growth - KZT1,464.1 m ). State pension assets fund (SAPF) enjoyed the third place with KZT773.1 m growth. Invested assets on financial instruments as of November 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) - 20.03% (15.94%; 14.16%); - eurobonds of Kazakhstan sovereign debt (USD) - 15.51% (16.33%; 15.96%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 23.17% (25.42%; 24.96%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.24% (0.24%; 0.34%); - shares of foreign issuers (foreign currencies) - 0.95% (0.85%; 0.80%); - corporate bonds of foreign issuers (foreign currencies) - 0.71% (0.91%; 1.98%); - foreign states' securities - 2.77% (2.44%; 2.36%); - securities of international financial organizations (foreign currencies) - 3.92% (4.75%; 6.87%); - Kazakhstan companies' shares - 4.10% (3.91%; 3.90%); - Kazakhstan companies' bonds - 22.10% (23.30%; 22.55%); - deposits and deposit certificates (KZT) - 6.30% (5.53%; 5.61%); - deposits and deposit certificates (foreign currencies) - 0.20% (0.40%; 0.50%). October change in distribution of asset portfolio is attributed to exposure of assets into MEOKAM (reflected by high emission activity of Finance Ministry), foreign government bonds and tenge deposits. Market has also felt inflow of soverign Kazakhstan euronotes and notes of National Bank. First event is caused by dollar devaluation and lack of liquidity on the domestic euronotes market, as well as overheating trends on the same market, the second event caused by sharp fall of National Bank borrowings. Another feature of October market is declining popularity of IFO bonds and currency deposits. Despite IRBIS expectations admission of SAPF to corporate securities market and ban on purchase of SPV using pension assets did not affect srtctur of funds portfolio. Although, this month was the first one when SAPF portfolio was filled with corporate securities: foreign issue shares (0.49%) and domestic corporate bonds (0.26%). [2003-11-19]