According to Regulation and Supervision Agency net pension assets in Kazakhstan grew to $2,649.8 m as of February 1, 2004

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, January 23, 04/ - According to Kazakhstan Agency of financial market and financial organizations regulation and supervision, domestic net pension assets (PA) (total pension assets excluding liabilities on commissions charged, accounts payable on pension payments) as of February 1, 2004 grew to KZT369,406.0 m or $2,649.8 m at the weighted average stock exchange's rate determined on this date. Comparable indicator as of January 1, 2004 was KZT368,349.0 m or $2,569.9 m. In January of 2004 accumulative pension funds' (APF) net assets grew by 0.29% in tenge and 3.1% in dollar terms. In December of 2003 assets rose by 3.5% in tenge and by 5.9% - in dollar terms. In the beginning of February of 2004 total pension assets reached KZT369,061.7 m, and out of this amount KZT363,171.9 m was invested. In January 2004 eight organizations carrying investment management of pension assets (OCIMPA- former PAMC) and 16 APF were operating in pension market. Two funds - APF Halyk Bank of Kazakhstan JSC and State accumulative pension funds CJSC (SAPF), which actually are the same as OCIMPA - performed independent asset management. Stake of PA under these funds' management, reached by the beginning of February, 2004 48.6% of all PA of the republic (as of January 1 of 2003 this indicator was 48.7%). OCIMPA ALFA-TRUST JSC - whose authorized capital equals KZT180,000.0 m. and shareholders equity is KZT177,288.0 th., still had no assets under its management. During the month, company shareholders' equity declined by KZT1,682 th. PAMC Ak niet CJSC had no assets under its management as well. The table below characterizes assets volumes of each fund (KZT m. unless otherwise specified) and distribution of assets of APF on OCIMPA as of February 1 of 2004. In parentheses stakes of funds and OCIMPA as of January 1 of 2004 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 841 840 0.23(0.23) 839 APF KAPITAL CJSC 2,523 2,519 0.68(0.65) 2,503 PAF ABN AMRO CJSC- 26,351 26,309 7.13(7.13) 26,133 KaspiyMunai Gas ------------------------------------------------------------------------------ Total 29,715 29,668 8.04(8.01) 29,475 ------------------------------------------------------------------------------ PAMC ZHETYSU CJSC ------------------------------------------------------------------------------ APF Ular Umyt CJSC 63,494 63,455 17.19(17.11) 63,283 Total 63,494 63,455 17.19(17.11) 63,283 --------------------------------------------------------------------- -------- PAMC BTA Asset Management CJSC ------------------------------------------------------------------------------ PAPF Kazakhstan CJSC 10,562 10,555 2.86(2.88) 10,067 POAPF Kurmet CJSC 15,540 15,496 4.20(4.24) 14,857 OAPF OTAN CJSC 5,997 5,994 1.62(1.58) 5,907 ------------------------------------------------------------------------------ Total 32,098 32,045 8.68(8.69) 30,831 ------------------------------------------------------------------------------ NPAMC Activ-Invest CJSC ------------------------------------------------------------------------------ PAP Valut-tranzit fund CJSC 13,934 13,911 3.77(3.75) 13,782 ------------------------------------------------------------------------------ Total 13,934 13,911 3.77(3.75) 13,782 ------------------------------------------------------------------------------ PAMC BESTINVEST CJSC ------------------------------------------------------------------------------ APF SENIM CJSC 16,344 16,348 4.43(4.44) 16,228 APF Korgau CJSC 5,492 5,495 1.49(1.51) 5,430 APF Kazahmys 10,643 10,646 2.88(2.89) 10,583 OPAPF Nefte-Gas Dem CJSC 9,351 9,354 2.53(2.52) 9,321 ------------------------------------------------------------------------------ Total 41,831 41,843 11.34(11.37) 41,561 ------------------------------------------------------------------------------ PAMC NURTRUST CJSC ------------------------------------------------------------------------------ APF Narodniy pensionniy fond CJSC 7,891 7,905 2.14(2.13) 7,818 ------------------------------------------------------------------------------ Open-ended PAPF named 1,022 1,021 0.28(0.28) 1,005 after D.A. Kunayev ------------------------------------------------------------------------------ Total 8,913 8,926 2.42(2.41) 8,823 ------------------------------------------------------------------------------ APF, which independently manages its assets ------------------------------------------------------------------------------ APF of Halyk Bank of Kazkahstan CJSC 89,251 89,135 24.15(24.14) 88,840 State accumulative pension fund CJSC (SAPF) 90,169 90,079 24.41(24.53) 86,577 ------------------------------------------------------------------------------ Total 89,251 89,135 24.15(24.14) 88,840 ------------------------------------------------------------------------------ TOTAL pension assets 369,406 369,062 100.0 363,172 ------------------------------------------------------------------------------ The largest 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 (24.4% of all PA under management). The second one is APF of Halyk Bank of Kazakhstan CJSC (24.2%). The third place is occupied by PAMC ZHETYSU (17.2%). Most capitalized OCIMPA as of February 1 of 2004 (by the size of shareholders equity): APF Halyk Bank of Kazakhstan JSC (KZT1,352.9 m), SAPF (KZT1,195.9 m), PAMC ZHETYSU (KZT473.1 m). APF KAPITAL CJSC has the highest growth rate of assets collected in January (5.0% in tenge). In absolute terms APF Ular Umit CJSC is the leader by the largest sum of assets marginal increase. Its assets increased within the month by KZT394.3 m., OAPF OTAN CJSC took second place (growth by KZT186.9 m ). APF of Halyk bank of Kazakhstan CJSC took the third place - (growth by KZT1,508.0 m). Invested assets on financial instruments as of February 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) - 17.82% (16.59%; 19.01%); - eurobonds of Kazakhstan sovereign debt (USD) - 6.63% (12.26%; 14.19%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 25.67% (24.58%; 20.97%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.20% (0.21%; 0.22%); - shares of foreign issuers (foreign currencies) - 2.91% (3.00%; 2.45%); - corporate bonds of foreign issuers (foreign currencies) - 0.46% (1.24%; 1.10%); - foreign states' securities - 4.49% (2.40%; 3.65%); - securities of international financial organizations (foreign currencies) - 2.56% (2.93%; 3.28%); - Kazakhstan companies' shares - 4.26% (4.01%; 4.04%); - Kazakhstan companies' bonds - 27.52% (25.89%; 24.29%); - deposits and CDs (KZT) - 7.47% (6.89%; 6.78%); - deposits and CDs (foreign currencies) - 0.00% (0.00%; 0.00%). Contrary to common expectations, changes in aggregated portfolio of Kazakhstani APFs in January do not reflect the main idea of investment rules and limits that took force in the mid of the month. Most likely, asset- managing companies failed to restructure their portfolios within such short period. To remind, beginning in the mid-January pension asset managing companies are allowed to invest in BBB-rated foreign bonds and gold. In addition, the National bank loosened total limit of investments in foreign securities from 30% to 40%. Referring to the data presented, stake of foreign securities declined on many positions. The only increase is observed in investments in foeign government securities. Pension funds were mainly investing in National bank's notes and Finance ministry's bonds. This fact reflects the growth of issuing activities of the latter, and traditional approach to portfolio management of the former. The stake of local corporate bonds (mostly thanks to Karazhanbasmunai's offer) significantly increased either. In contrast, the share of euronotes of Kazakhstan sovereign debt is rapidly falling. In general, according to the data, no dramatic changes in the structure of aggregated pension portfolio occurred, though pension funds' income coefficients require prompt reactions. [2004-02-23]