AFN: as of January 1, 2005 net pension assets of Kazakhstan reached $3,723.0 m.
/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, January 24, 05/ -Kazakhstan Agency for Regulation and Supervision of Financial Markets and Financial Organizations (AFN) released data on total amount of net pension assets (PA) in the republic (sum of pension assets minus obligations including: commission fees, pension payment debts) as of January 1, 2005 reached KZT483,990.0 m or $3,723.0 m at the weighted average stock exchange's rate effective on mentioned date. Corresponding indicators in December 01, 2004 - KZT466,429.8 m. or $3,587.9 m.
In December 2004 net assets of accumulative pension funds (APF) increased 3.8% in tenge and by 3.8% in dollar equivalent. In November 2004 assets increased 2.5% in tenge and 4.0% in dollar equivalent.
By the beginning of November total sum of PA was KZT484,415.4 m, of them KZT480,990.3 m were invested.
Within December, there were 7 companies conducting pension assets investment management activity (PAMC) and 15 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. Moreover, Private accumulative pension fund "Kazakhstan" JSC after having received a license from FSA for conducting pension assets investment management activities dated January 25, 2004 #0412200172, had already began managing funds on its own in December. Stake of PA in management of these funds was at the beginning of January 2005 49.9% from all PA of the republic (on December 1 this indicator equaled to 47.0%).
The table below presents volumes of assets of each funds (KZT m, unless otherwise indicated) and distribution of APF assets by PAMC as of January 1, 2005. Figures in parentheses give the same picture as of December 1, 2004.
----------------------------------------------------------------------
Total assets
------- ------------
Net % of all PA
pension of
Name of PAMC / APF assets Volume Kazakhstan Invested
----------------------------------------------------------------------
PAIMC ABN AMRO ASSET MANAGEMENT JSC
----------------------------------------------------------------------
APF KAPITAL JSC 5,315 5,326 1.10(1.05) 5,303
APF ABN AMRO-CaspiyMunai Gas JSC 35,426 35,501 7.33(7.14) 35,370
-------------------------------- ------- ------- ------------ --------
Total 40,742 40,827 8.43(8.39) 40,672
-------------------------------- ------- ------- ------------ --------
PAMC ZHETYSU JSC
----------------------------------------------------------------------
APF Ular Umyt CJSC 85,685 85,630 17.68(17.65) 85,380
Total 85,685 85,630 17.68(17.65) 85,380
-------------------------------- ------- ------- ------------ --------
PAIMC Premier Asset Management JSC
----------------------------------------------------------------------
POAPF Kurmet JSC 20,823 20,898 4.31(4.28) 19,673
OAPF OTAN JSC 8,844 8,844 1.83(1.79) 8,789
-------------------------------- ------- ------- ------------ --------
Total 29,667 29,743 6.14(9.04) 28,463
-------------------------------- ------- ------- ------------ --------
NPAMC Activ-Invest CJSC
----------------------------------------------------------------------
NPF Valut-tranzit Fund JSC 20,700 20,705 4.27(4.27) 20,473
-------------------------------- ------- ------- ------------ --------
Total 20,700 20,705 4.27(4.27) 20,473
-------------------------------- ------- ------- ------------ --------
PAMC Bailyk Asset Management JSC
----------------------------------------------------------------------
PAPF JSC Kunayev of open type
1,327 1,327 0.27(0.27) 1,310
APF SENIM JSC 20,725 20,758 4.29(4.29) 20,305
APF Korgau JSC 7,214 7,214 1.49(1.49) 7,176
OPAPF Nefte-Gas Dem CJSC 12,464 12,465 2.57(2.56) 12,430
-------------------------------- ------- ------- ------------ --------
Total 41,730 41,764 8.62(8.62) 41,221
-------------------------------- ------- ------- ------------ --------
PAMC NURTRUST CJSC
----------------------------------------------------------------------
APF Narodniy pensionniy fond JSC 11,296 11,297 2.33(2.32) 11,259
-------------------------------- ------- ------- ------------ --------
Total 11,296 11,297 2.33(2.32) 11,259
-------------------------------- ------- ------- ------------ --------
PAMC ALFA-TRUST JSC
----------------------------------------------------------------------
APF Kazakhmys JSC 12,929 12,930 2.67(2.70) 12,885
-------------------------------- ------- ------- ------------ --------
Total 12,929 12,930 2.67(2.70) 12,885
-------------------------------- ------- ------- ------------ --------
APF, operating as pension assets management companies
-------------------------------- ------- ------- ------------ --------
APF Halyk Bank of Kazakhstan JSC 121,174 121,190 25.02(24.94) 120,681
PAPF Kazakhstan JSC 14,351 14,419 2.98(2.96) 14,356
State accumulative pension fund 105,717 105,911 21.86(22.07) 105,600
JSC (SAPF)
-------------------------------- ------- ------- ------------ --------
Total 241,242 241,520 49.86(47.01) 240,637
-------------------------------- ------- ------- ------------ --------
TOTAL pension assets 483,990 484,415 100.0 480,990
----------------------------------------------------------------------
* in December 2004 CAPF Philip Morris Kazakhstan JSC merged with APF ABN AMRO-
KaspiyMunaiGas JSC.
The biggest APF by the end of December 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 (25.02% of total assets), second place belongs to SAPF (21.86%). The third place - PAMC ZHETYSU JSC (17.7%).
The highest rate of assets accumulation (7.9% in tenge) in December 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 KZT4,793.5 m. The second gainer is APF UlarUmyt CJSC (KZT3,267.6 m; the third one - SAPF (KZT2,899.5 m).
Distribution of investment assets by financial instruments as of January 1, 2005 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 ) - 14.64% (15.23%; 15.98%);
- eurobond of Kazakhstan sovereign debt (USD) - 0.52% (0.54%; 0.58%);
- short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 38.36% (35.01%; 32.38%);
- bonds of local municipal authorities of Kazakhstan (USD) - 0.03% (0.03%; 0.04%);
- shares of foreign issuers (foreign currencies) - 1.51% (1.51%; 2.04%);
- corporate bonds of foreign issuers (foreign currencies) - 0.27% (0.28%; 0.65%);
- foreign government securities - 0.14% (3.97%; 3.86%);
- securities of international financial organizations (foreign currencies) - 1.25% (0.16%; 0.76%);
- Kazakhstan companies' shares - 6.82% (5.72%; 5.78%);
- Kazakhstan companies' bonds - 24.82% (25.90%; 26.42%);
- deposits and deposit certificates (KZT ) - 10.90% (10.62%; 10.63%);
- deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%).
According to AFN data, as of December 1, 2004, funds on investment accounts and other assets totaled 0.72% (1.02%) or KZT 3,487.8 (4,760.7 m) of total pension assets.
Aforementioned date does not to highlight any new trend in investment of pension assets in December. As in November, PA managers were forced to boost its portfolios at the expense of investments in notes of the National bank. In the threshold of MEUZhKAM issue and other bonds promised by the Finance Ministry, the use of most popular "short" instrument is justified.
From statistics cited above, the special attention should be given to the share of Kazakhstan equities and bonds of IFO within pension portfolios. In IRBIS analysts opinion, it is too early to draw any conclusions and observed changes are most probably caused by the local factors.