According to National Bank's data the amount of net pension assets in Kazakhstan is $2,569.9 m by the beginning of 2004

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, January 20, 04/ - 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 January 1, 2004 to KZT368,349.0 m or $2,569.9 m at the weighted average stock exchange's rate determined on this date. Comparable indicator as of December 1, 2003 was KZT355,978.2 m or $2,427.2 m. In December of 2003 accumulative pension funds' (APF) net assets increased by 3.5% in tenge and 5.9% in dollar terms. In November of 2003 assets increased by 2.1% in tenge and by 2.9% - in dollar. By the beginning of January of 2003 total sum of PA was KZT368,644.2 m, KZT366,593.8 m of them were invested. Generally, within December of 2003 eight organizations, which carried out investment management of pension assets (OCIMPA) and 16 APF were functioning in the country. Two funds - APF Halyk Bank of Kazakhstan CJSC and SAPF, which actually are the same as OCIMPA - managed assets by themselves. Stake of PA under these funds' management, reached by the beginning of January of the current year 48.7% of all PA of the republic (as of December 1 of 2003 this indicator was 48.9%). New OCIMPA - OCIMPA ALFA-TRUST JSC - whose authorized capital is KZT180,000.0 m. and shareholders equity is KZT177,288.0 th., had no assets in its management both in November and December. PAMC Ak Niet CJSC experiences the same situation. In December pension assets collected by Open-ended PAPF named after D.A. Kunayev CJSC, which a named PAMC managed, were entrusted to PAMC NURTRUST CJSC. As a result PAMC Ak Niet CJSC as of beginning of 2004 left with no assets under management. The table below characterizes assets volumes of each fund (KZT m. unless otherwise specified) and distribution of assets of APF on OCIMPA as of January 1 of 2004. In parentheses stakes of funds and OCIMPA as of December 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 845 846 0.23(0.23) 845 APF KAPITAL CJSC 2,392 2,392 0.65(0.61) 2,365 PAF ABN AMRO CJSC- 26,282 26,288 7.13(7.16) 26,131 KaspiyMunai Gas ------------------------------------ ------- ------- ------------ -------- Total 29,520 29,526 8.01(8.00) 29,341 ------------------------------------ ------- ------- ------------ -------- PAMC ZHETYSU CJSC -------------------------------------------------------------------------- APF Ular Umyt CJSC 63,036 63,060 17.11(17.04) 62,852 Total 63,036 63,060 17.11(17.04) 62,852 ------------------------------------ ------- ------- ------------ -------- PAMC Ak niet CJSC ------------------------------------ ------- ------- ------------ -------- Total 0 0 0.00(0.29) 0 ------------------------------------ ------- ------- ------------ -------- PAMC BTA Asset Management CJSC -------------------------------------------------------------------------- PAPF Kazakhstan CJSC 10,582 10,606 2.88(2.87) 10,533 POAPF Kurmet CJSC 15,590 15,613 4.24(4.24) 15,531 OAPF OTAN CJSC 5,807 5,807 1.58(1.55) 5,752 ------------------------------------ ------- ------- ------------ -------- Total 31,979 32,027 8.69(8.66) 31,816 ------------------------------------ ------- ------- ------------ -------- NPAMC Activ-Invest CJSC -------------------------------------------------------------------------- PAP Valut-tranzit fund CJSC 13,812 13,821 3.75(3.68) 13,640 ------------------------------------ ------- ------- ------------ -------- Total 13,812 13,821 3.75(3.68) 13,640 ------------------------------------ ------- ------- ------------ -------- PAMC BESTINVEST CJSC -------------------------------------------------------------------------- APF SENIM CJSC 16,347 16,370 4.44(4.46) 16,226 APF Korgau CJSC 5,581 5,582 1.51(1.53) 5,573 APF Kazahmys 10,657 10,672 2.89(2.85) 10,660 OPAPF Nefte-Gas Dem CJSC 9,294 9,296 2.52(2.51) 9,250 ------------------------------------ ------- ------- ------------ -------- Total 41,878 41,920 11.37(11.34) 41,708 ------------------------------------ ------- ------- ------------ -------- PAMC NURTRUST CJSC -------------------------------------------------------------------------- APF Narodniy pensionniy fond CJSC 7,812 7,839 2.13(2.07) 7,804 ------------------------------------ ------- ------- ------------ -------- Open-ended PAPF named 1,039 1,035 0.28(0.29) 1,030 after D.A. Kunayev ------------------------------------ ------- ------- ------------ -------- Total 8,852 8,874 2.41(2.07) 8,834 ------------------------------------ ------- ------- ------------ -------- OCIMPA ALFA-TRUST 0 0 0(,-) 0 ------------------------------------ ------- ------- ------------ -------- APF, which independently manages its assets ------------------------------------ ------- ------- ------------ -------- APF of Halyk Bank of Kazkahstan CJSC 88,950 89,002 24.14(23.97) 88,177 State accumulative pension fund 90,321 90,414 24.53(24.95) 90,226 CJSC (SAPF) ------------------------------------ ------- ------- ------------ -------- Total 179,271 179,416 48.67(48.92) 178,403 ------------------------------------ ------- ------- ------------ -------- TOTAL pension assets 368,349 368,644 100.0 366,594 -------------------------------------------------------------------------- The biggest APF by the end of December by volume of PA (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 (24.5% of all PA under management). The second one is APF Halyk Bank of Kazakhstan CJSC (24.1%). On the third place is PAMC ZHETYSU (17.1%). Most capitalized OCIMPA as of January 1 of 2004 (by the size of shareholders equity): APF Halyk Bank of Kazakhstan JSC (KZT1,408.1 m), SAPF (KZT1,337.5 m), PAMC ZHETYSU (KZT589.1 m). In previous months the SAPF was the leader in this category. APF KAPITAL CJSC has the highest speed of assets increase in November (9.3% in tenge). In absolute expression APF of Halyk Bank of Kazakhstan CJSC is leading by the biggest sum of assets increase. Its assets increased within the month by KZT3,604.9 m., APF Ular Umyt CJSC took second place (growth by KZT2,353.2 m ). SAPF took the third place - (growth by KZT1,508.0 m). Invested assets on financial instruments as of January 1 of 2004 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) - 16.59% (19.01%; 20.03%); - eurobonds of Kazakhstan sovereign debt (USD) - 12.26% (14.19%; 15.51%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 24.58% (20.97%; 23.17%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.21% (0.22%; 0.24%); - shares of foreign issuers (foreign currencies) - 3.00% (2.45%; 0.95%); - corporate bonds of foreign issuers (foreign currencies) - 1.24% (1.10%; 0.71%); - foreign states' securities - 2.40% (3.65%; 2.77%); - securities of international financial organizations (foreign currencies) - 2.93% (3.28%; 3.92%); - Kazakhstan companies' shares - 4.01% (4.04%; 4.10%); - Kazakhstan companies' bonds - 25.89% (24.29%; 22.10%); - deposits and CDs (KZT) - 6.89% (6.78%; 6.30%); - deposits and CDs (foreign currencies) - 0.00% (0.00%; 0.20%). Presented data evidences about noticeable share decline of domestic medium - and long - term GS of the Ministry of Finance within aggregated portfolio of funds in December. It was mainly caused by advanced repayment of MEAKAM and by negative (and to all appearances temporary) perception of investors in regards to this kind of securities. Pension capital was invested primarily in notes of the National bank and Kazakhstani corporate bonds, which were offered in large volumes in December. PA investments in December are distinguished by its interest in foreign corporate sector. Fast tenge appreciation at domestic market and increased inflation force most capitalized asset managing companies to work at world markets intensively at world markets, in order compensate for losses at local market. Dollar rate decrease in Kazakhstan affects strategies of investing PA in the same way. The share of dollar instruments - euronotes of sovereign debt of Kazakhstan and bonds of local executive bodies - continues to fall within aggregated pension portfolio, while the share of deposits and Certificates of Deposit (CD) denominated in foreign currencies reached the minimum. [2004-01-20]