According to AFN's data the amount of net pension assets in Kazakhstan as of March 1 of 2004 is $2,723.1 m.
/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, March 29, 04/ - According to the data of Kazakhstan agency for regulation and supervision of financial market and financial organizations (AFN) 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, 2004 to KZT378,860.4 m. or $2,723.1 m. at the weighted average stock exchange's rate determined on that date. Comparable indicator as of February 1 of 2004 was KZT369,406.0 m. or $2,649.8 m.
In February of 2004 accumulative pension funds' (APF) net assets increased by 2.56% in tenge and by 2.77% in terms of dollar. In January of 2004 assets increased by 0.29% in tenge and by 3.1% - in terms of dollar.
By the beginning of March of 2004 total sum of PA was KZT378,942.4 m., KZT367,313.2 m of them were invested.
Generally, within February of 2004 eight organizations, which carried out investment management of pension assets (OCIMPA) and 16 APF were functioning in the country. Two OCIMPAs - OCIMPA ALPHA-TRUST JSC and PAMC Ak niet CJSC - had no assets to manage. Two other 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 March of the current year 48.4% of all PA of the republic (as of February 1 of 2003 this indicator was 48.6%).
The table below characterizes assets volumes of each fund (KZT m. unless otherwise specified) and distribution of assets of APF on OCIMPA as of March 1 of 2004. In parentheses stakes of funds and OCIMPA as of February 1 of 2004 are given for comparison.
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Total assets
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Net % of all PA
pension of
Name of PAMC / APF assets Volume Kazakhstan Invested
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PAMC ABN AMRO ASSET MANAGEMENT CJSC
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КAPF Phillip Morris Kazakhstan JSC 850 849 0.22(0.23) 844
APF KAPITAL JSC 2,744 2,744 0.72(0.68) 2,712
PAF ABN AMRO JSC- 26,943 26,924 7.10(7.13) 26,406
KaspiyMunai Gas
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Total 30,536 30,516 8.05(8.04) 29,961
----------------------------------- ------- ------- ------------ --------
PAMC ZHETYSU JSC
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APF Ular Umyt CJSC 65,564 65,647 17.32(17.19) 65,242
Total 65,564 65,647 17.32(17.19) 65,242
----------------------------------- ------- ------- ------------ --------
PAMC BTA Asset Management CJSC
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PAPF Kazakhstan JSC 10,874 10,891 2.87(2.86) 10,865
POAPF Kurmet JSC 15,799 15,766 4.16(4.20) 15,632
OAPF OTAN JSC 6,187 6,189 1.63(1.62) 6,043
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Total 32,860 32,845 8.67(8.68) 32,540
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NPAMC Activ-Invest CJSC
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PAP Valut-tranzit fund CJSC 14,426 14,409 3.80(3.77) 14,232
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Total 14,426 14,409 3.80(3.77) 14,232
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PAMC BESTINVEST CJSC
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APF SENIM CJSC 16,717 16,721 4.41(4.43) 16,646
APF Korgau JSC 5,627 5,628 1.49(1.49) 5,573
APF Kazahmys JSC 10,859 10,864 2.87(2.88) 10,765
OPAPF Nefte-Gas Dem CJSC 9,583 9,585 2.53(2.53) 9,533
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Total 42,786 42,797 11.29(11.34) 42,516
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PAMC NURTRUST CJSC
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APF Narodniy pensionniy fond JSC 8,142 8,165 2.15(2.14) 8,122
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Open-ended PAPF named 1,033 1,033 0.27(0.28) 1,017
after D.A. Kunayev JSC
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Total 9,175 9,197 2.43(2.42) 9,139
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APF, which independently manages its assets
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APF of Halyk Bank of Kazkahstan JSC 91,766 91,724 24.21(24.15) 86,025
State accumulative pension fund
CJSC (SAPF) 91,747 91,807 24.23(24.41) 87,658
----------------------------------- ------- ------- ------------ --------
Total 183,513 183,531 48.43(48.56) 173,682
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TOTAL pension assets 378,860 378,942 100.0 367,313
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The biggest APF by the end of December by volume of PA (in descending order of PA sum): APF of Halyk Bank of Kazakhstan JSC, SAPF and APF Ular Ymit CJSC. Thus, first in the history of Kazakhstan, state owned pension funds lost its leadership position within this category.
By the volume of managed assets SAPF is the leader at pension market (24.23% of all PA under management), followed by APF Halyk Bank of Kazakhstan JSC (24.21%). On the third place is PAMC ZHETYSU JSC (17.3%).
Most capitalized OCIMPA as of March 1 of 2004 (by the size of shareholders equity): SAPF (KZT1,293.1 m), APF Halyk Bank of Kazakhstan JSC (KZT1,272.0 m), PAMC ZHETYSU JSC (KZT529.4 m). APF Halyk Bank of Kazakhstan JSC occupies the first place in terms of authorized capital amount (KZT1.0 bn) as well.
APF KAPITAL JSC has the highest speed of assets increase in November (8.2% in tenge). In absolute expression APF of Halyk Bank of Kazakhstan JSC is leading by the largest sum of assets increase. Its assets increased within the month by KZT2,588.4 m., APF Ular Umyt CJSC took second place (growth by KZT2,192.5 m ), while SAPF took the third place - (growth by KZT1,728.5 m) in this category.
Invested assets on financial instruments as of March 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) - 17.43% (17.82%; 16.59%);
- eurobonds of Kazakhstan sovereign debt (USD) - 5.34% (6.63%; 12.26%);
- short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 27.08% (25.67%; 24.58%);
- bonds of domestic executive bodies of Kazakhstan (USD) - 0.20% (0.20%; 0.20%);
- shares of foreign issuers (foreign currencies) - 2.56% (2.91%; 3.00%);
- corporate bonds of foreign issuers (foreign currencies) - 0.44% (0.46%; 1.24%);
- foreign states' securities - 5.53% (4.49%; 2.40%);
- securities of international financial organizations (foreign currencies) - 2.35% (2.56%; 2.93%);
- Kazakhstan companies' shares - 4.62% (4.26%; 4.01%);
- Kazakhstan companies' bonds - 26.82% (27.52%; 25.89%);
- deposits and CDs (KZT) - 7.61% (7.47%; 6.89%);
- deposits and CDs (foreign currencies) - 0.00% (0.00%; 0.00%).
Contrary to IRBIS expectations, managing companies passed up an opportunity to expand its investments in foreign securities in February. Data above demonstrates that investments in GS of the Finance Ministry and the National bank, securities issued by foreign states, Kazakhstani stocks and tenge deposits grow at stable rates. The reverse is true for investments in eurobonds of Kazakhstan sovereign debt (to all appearances, they are mostly sold), foreign shares and foreign corporate bonds as well as bonds issued by IFOs. Nevertheless, information that is consistently being received by IRBIS agency suggests that separate funds take full advantage of investing abroad within the working limits of trading.
[2004-03-29]