AFN: as of October 1, 2004 net pension assets of Kazakhstan reached $3,316.3 m.
/IRBIS, Sergei Yakovlev, Andrey Tsalyuk, October 22, 04/ -Kazakhstan Agency for Regulation and Supervision of Financial Markets and Financial Organizations (AFN) released data on total amount of net pension assets (PA) in Kazakhstan (sum of pension assets minus obligations including: commission fees, pension payment debts) as of October 1, 2004 reached KZT 445,741.0 m or $3,316.3 m at the weighted average stock exchange's rate effective on mentioned date. Corresponding indicators in September 01, 2004 - KZT 436,065.3 m. or $3,211.6 m.
In September of 2004 net assets of accumulative pension funds (APF) increased 2.2% in tenge and by 3.3% in dollar equivalent. In August 2004 assets increased 2.5% and 2.9% correspondingly.
By the beginning of September total sum of PA was KZT 445,891.0 m, of them KZT 443,542.2 m were invested.
Within September, there were 7 companies conducting pension assets investment management activity (PAMC) and 16 accumulative pension funds. Two funds - APF Halyk Bank of Kazakhstan JSC and State Accumulative Pension Fund JSC (SAPF) also operated as investment management companies, managed pension assets independently. By the beginning of October their assets accounted for 47.16% of total pension assets (As of September 1, 2004 this figure equaled 47.30%).
The table below presents volumes of assets of each funds (KZT m, unless otherwise indicated) and distribution of APF assets by PAMC as of October 1, 2004. Figures in parentheses give same picture as of September 1, 2004.
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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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PAIMC ABN AMRO ASSET MANAGEMENT JSC
---------------------------------------------------------------------------- КAPF Phillip Morris Kazakhstan JSC 942 943 0.21(0.21) 943 APF KAPITAL JSC 4 476 4 482 1.01(0.99) 4 407 APF ABN AMRO-CaspiyMunai Gas JSC 31 750 31 786 7.13(7.12) 31 619 ---------------------------------- ------- ------- ------------ -------- Total 37 168 37 210 8.35(8.32) 36 969 ---------------------------------- ------- ------- ------------ --------
PAMC ZHETYSU JSC
---------------------------------------------------------------------------- APF Ular Umyt CJSC 78 418 78 423 17.59(17.54) 78 327 ---------------------------------- ------- ------ ------------ ------ Total 78 418 78 423 17.59(17.54) 78 327 ---------------------------------- ------- ------- ------------ --------
PAIMC Premier Asset Management JSC
---------------------------------------------------------------------------- PAPF Kazakhstan JSC 13 067 13 083 2.93(2.92) 13 034 POAPF Kurmet JSC 18 953 18 973 4.26(4.24) 18 849 OAPF OTAN JSC 7 891 7 891 1.77(1.77) 7 875 ---------------------------------- ------- ------- ------------ -------- Total 39 911 39 947 8.96(8.93) 39 758 ---------------------------------- ------- ------- ------------ -------- NPAMC Activ-Invest CJSC ---------------------------------------------------------------------------- NPF Valut-tranzit Fund JSC 18 894 18 899 4.24(4.21) 18 798 ---------------------------------- ------- ------- ------------ -------- Total 18 894 18 899 4.24(4.21) 18 798 ---------------------------------- ------- ------- ------------ --------
PAMC Bailyk Asset Management JSC
---------------------------------------------------------------------------- PAPF JSC Kunayev of open type 1 209 1 209 0.27(0.27) 1 200 APF SENIM JSC 19 469 19 490 4.37(4.39) 19 472 APF Korgau JSC 6 598 6 599 1.48(1.47) 6 559 OPAPF Nefte-Gas Dem CJSC 11 413 11 414 2.56(2.56) 11 258 ---------------------------------- ------- ------- ------------ -------- Total 38 689 38 712 8.68(8.42) 38 489 ---------------------------------- ------- ------- ------------ --------
PAMC NURTRUST CJSC
---------------------------------------------------------------------------- APF Narodniy pensionniy fond JSC 10 174 10 175 2.28(2.27) 10 167 ---------------------------------- ------- ------- ------------ -------- Total 10 174 10 175 2.28(2.54) 10 167 ---------------------------------- ------- ------- ------------ --------
PAMC ALFA-TRUST JSC
---------------------------------------------------------------------------- APF Kazakhmys JSC 12 246 12 247 2.75(2.75) 12 212 ---------------------------------- ------- ------- ------------ -------- Total 12 246 12 247 2.75(2.75) 12 212 ---------------------------------- ------- ------- ------------ --------
APF, operating as pension assets management companies
---------------------------------- ------- ------- ------------ -------- APF Halyk Bank of Kazakhstan JSC 111 405 111 418 24.99(24.94) 110 919 State accumulative pension fund 22.17(22.36) JSC (SAPF) 98 836 98 860 97 904 ---------------------------------- ------- ------- ------------ -------- Total 210 240 210 279 47.16(47.30) 208 823 ---------------------------------- ------- ------- ------------ --------
TOTAL pension assets 445 741 445 891 100.0 443 542
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The biggest APF by the end of August by volume of PA (in descending order of PA sum): APF Halyk Bank of Kazakhstan JSC, SAPF and APF Ular Ymit CJSC.
By the volume of managed assets APF Halyk Bank of Kazakhstan JSC retained leadership (24.99% of total assets), second place belongs to SAPF (22.17%). The third place - PAMC ZHETYSU JSC (17.59%).
The highest rate of assets accumulation (4.1% in tenge) in September was recorded in APF KAPITAL JSC. In absolute money terms the leader is APF Halyk Bank of Kazakhstan JSC. Its assets increased within the month by KZT 2,596.6 m. The second gainer is APF UlarUmyt CJSC with KZT 1,892.8 m; the third one - SAPF (KZT 1,311.6 m).
Distribution of investment assets by financial instruments as of October 1, 2004 is following (figures in parentheses display data for previous two months, % are given out of gross pension assets):
- mid- and long-term domestic GS of the Ministry of Finance (KZT ) - 16.43% (14.67%; 13.93%);
- eurobonds of Kazakhstan sovereign debt (USD) - 0.74% (0.75%; 0.80%);
- short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 33.34% (36.65%; 38.19%);
- bonds of local municipal authorities of Kazakhstan (USD) - 0.04% (0.04%; 0.04%);
- shares of foreign issuers (foreign currencies) - 1.95% (1.94%; 1.92%);
- corporate bonds of foreign issuers (foreign currencies) - 0.65% (0.81%; 0.88%);
- foreign government securities - 3.52% (3.59%; 4.99%);
- securities of international financial organizations (foreign currencies) - 1.35% (0.94%; 0.51%);
- Kazakhstan companies' shares - 5.86% (5.84%; 5.35%);
- Kazakhstan companies' bonds - 26.60% (25.93%; 25.90%);
- deposits and deposit certificates (KZT ) - 8.99% (7.68%; 7.04%);
- deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%).
According to AFN data, as of October 1, 2004, funds on investment accounts and other assets totaled 0.53% (1.16%) or KZT 2,363.2 (5,061.5 m) of total pension assets.
Presented data confirm that main trend of change aggregate structure of pension portfolio didn't change. Shortly it may be called "deviation to the east", as investments of pension money in securities of foreign issuers continuously decreasing. In September the local market has shown desire of "pensioners" to invest in short- and long term bonds of Ministry of Finance, emission volumes of which considerably increased. This let National Bank of Kazakhstan to reduce emission activity on the notes market that adequately reflected in above structure of pension portfolio.
From above we may conclude that to increase profitability of pension assets through increase of limits for acquiring foreign securities is impossible. In any case the last months results show that local managers of PA are not ready to that yet.
[2004-10-22]