According to AFN net pension assets in Kazakhstan totaled $2,803.7 m as of April 1, 2004
/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, April 21, 04/ - According to Kazakhstan Agency for regulation and supervision of financial market and financial organizations, domestic net pension assets (PA) (total pension assets net of liabilities on commissions charged, accounts payable on pension payments) as of April 1, 2004 reached KZT389,491.4 m or $2,803.7 m at the weighted average stock exchange's rate determined on this date. Comparable indicator as of March 1, 2004 was equal to KZT378,860.4 m or $2,723.1 m.
In March of 2004 accumulative pension funds' (APF) net assets grew by 2.81% in tenge and 2.96% in dollar terms. In February of 2004 assets rose by 2.56% in tenge and by 2.77% - in dollar terms.
In the beginning of April of 2004 total pension assets reached KZT389,654.4 m, and out of this amount KZT381,352.1 m was invested.
In February 2004 eight organizations carrying investment management of pension assets (OCIMPA- former PAMC) and 16 APF were operating in pension market. Two OCIMPAs (OCIMPA ALFA-TRUST JSC and PAMC Ak niet CJSC) had to assets to manage, while two pension 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 April, 2004 48.2% of all PA of the republic (as of March 1 of 2004 this indicator was equal to 48.4%).
The table below characterizes assets volumes of each fund (KZT m. unless otherwise specified) and distribution of assets of APF on OCIMPA as of April 1 of 2004. In parentheses stakes of funds and OCIMPA as of March 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 JSC 863 863 0.22(0.22) 857
APF KAPITAL JSC 2,966 2,968 0.76(0.72) 2,963
PAF ABN AMRO JSC- 27,580 27,590 7.08(7.10) 27,557
KaspiyMunai Gas
----------------------------------- ------- ------- ------------ --------
Total 31,409 31,421 8.06(8.05) 31,378
----------------------------------- ------- ------- ------------ --------
PAMC ZHETYSU JSC
------------------------------------------------------------------------- APF Ular Umyt CJSC 67,682 67,786 17.40(17.32) 67,181 Total 67,682 67,786 17.40(17.32) 67,181 ----------------------------------- ------- ------- ------------ --------
PAMC BTA Asset Management CJSC
------------------------------------------------------------------------- PAPF Kazakhstan JSC 11,230 11,245 2.89(2.87) 11,208 POAPF Kurmet JSC 16,304 16,289 4.18(4.16) 16,266 OAPF OTAN JSC 6,435 6,436 1.65(1.63) 6,408 ----------------------------------- ------- ------- ------------ -------- Total 33,970 33,969 8.72(8.67) 33,882 ----------------------------------- ------- ------- ------------ --------
NPAMC Activ-Invest CJSC
------------------------------------------------------------------------- PAP Valut-tranzit fund CJSC 15,199 15,210 3.90(3.80) 15,023 ----------------------------------- ------- ------- ------------ -------- Total 15,199 15,210 3.90(3.80) 15,023 ----------------------------------- ------- ------- ------------ --------
PAMC BESTINVEST CJSC
------------------------------------------------------------------------- APF SENIM CJSC 17,108 17,109 4.39(4.41) 16,806 APF Korgau JSC 5,757 5,757 1.48(1.49) 5,714 APF Kazahmys JSC 11,148 11,149 2.86(2.87) 11,102 OPAPF Nefte-Gas Dem CJSC 9,946 9,951 2.55(2.53) 9,923 ----------------------------------- ------- ------- ------------ -------- Total 43,959 43,966 11.28(11.29) 43,546 ----------------------------------- ------- ------- ------------ --------
PAMC NURTRUST CJSC
------------------------------------------------------------------------- APF Narodniy pensionniy fond JSC 8,441 8,469 2.17(2.15) 8,456 ----------------------------------- ------- ------- ------------ -------- Open-ended PAPF named after D.A. Kunayev JSC 1,054 1,056 0.27(0.27) 1,036 ----------------------------------- ------- ------- ------------ -------- Total 9,496 9,525 2.44(2.43) 9,492 ----------------------------------- ------- ------- ------------ --------
APF, which independently manages its assets
----------------------------------- ------- ------- ------------ -------- APF of Halyk Bank of Kazakhstan JSC 95,341 95,402 24.48(24.21) 94,765 State accumulative pension fund CJSC (SAPF) 92,436 92,375 23.71(24.23) 86,085 ----------------------------------- ------- ------- ------------ -------- Total 187,777 187,777 48.19(48.43) 180,850 ----------------------------------- ------- ------- ------------ --------
TOTAL pension assets 389,491 389,654 100.0 381,352
-------------------------------------------------------------------------
The largest APF by the end of February by volume of PA (in descending order of PA sum): APF of Halyk Bank of Kazakhstan JSC, SAPF and APF Ular Ymit CJSC. APF of Halyk Bank of Kazakhstan JSC took first place in this category.
By the volume of managed assets APF of Halyk Bank of Kazakhstan JSC is the leader at pension market (24.48% of all PA under management). The second one is SAPF (23.71%). The third place is occupied by PAMC ZHETYSU (17.4%).
Most capitalized OCIMPA as of April 1 of 2004 (by the size of shareholders equity): APF Halyk Bank of Kazakhstan JSC (KZT1,284.7 m), SAPF (KZT1,132.5 m), PAMC ZHETYSU (KZT582.7 m). APF of Halyk Bank of Kazakhstan JSC has the largest authorized capital (KZT1.0 bn).
APF KAPITAL CJSC has the highest growth rate of assets collected in January (7.5% in tenge). In absolute terms APF of Halyk Bank of Kazakhstan JSC is the leader by the largest sum of assets marginal increase. Its assets increased within the month by KZT3,678.0 m., APF UlarUmit CJSC took second place (growth by KZT2,138.5 m ). PAP Valut- tranzit fund CJSC took the third place - (growth by KZT801.1 m).
Assets were invested in following financial instruments at April 1, 2004 (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) - 16.32% (17.43%; 17.82%);
- eurobonds of Kazakhstan sovereign debt (USD) - 3.49% (5.34%; 6.63%);
- short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 26.11% (27.08%; 25.67%);
- bonds of domestic executive bodies of Kazakhstan (USD) - 0.19% (0.20%; 0.20%);
- shares of foreign issuers (foreign currencies) - 3.53% (2.56%; 2.91%);
- corporate bonds of foreign issuers (foreign currencies) - 0.50% (0.44%; 0.46%);
- foreign states' securities - 7.90% (5.53%; 4.49%);
- securities of international financial organizations (foreign currencies) - 2.37% (2.35%; 2.56%);
- Kazakhstan companies' shares - 4.89% (4.62%; 4.26%);
- Kazakhstan companies' bonds - 25.23% (26.82%; 27.52%);
- deposits and CDs (KZT) - 7.35% (7.61%; 7.47%);
- deposits and CDs (foreign currencies) - 0.00% (0.00%; 0.00%).
Funds on investment accounts and other assets (AFN used not to disclose this figure) comprised 2.12% of total PAs, which is equivalent of KZT8,260.7 m.
Data presented suggests that in March, pension asset managing firms revised their portfolios to include more of foreign securities and shares by Kazakhstani enterprises, which is untypical of previous periods.
[2004-02-23]