FSA: as of February 1, 2005 net pension assets of Kazakhstan reached $3,814.5 m.
/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, February 23, 05/ - Kazakhstan Agency for financial market and financial organizations regulation and supervision (FSA) released data on total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission fees, pension payment debts) as of February 1, 2005 reached KZT496,035.3 m. or $3,814.5 m. at the weighted average exchange's rate effective on mentioned date. Corresponding indicators as of January 1 of 2004 - KZT483,990.0 m. or $3,723.0 m.
In January of 2005 net assets of accumulative pension funds (APF) increased by 2.49% in tenge and by 2.46% in dollar equivalent. In December of 2004 assets increased by 3.8% in tenge and by 3.8% in dollar equivalent.
By the beginning of February of 2005 total sum of PA was KZT497,429.0 m., of them KZT492,452.8 m. were invested.
Within January of 2005 there were 7 specialized companies conducting pension assets investment management activity (PAIMO) and 14 accumulative pension funds. Three funds - APF Halyk Bank of Kazakhstan JSC, State accumulative pension fund JSC (SAPF) and Accumulative pension fund BTA Kyrmet-Kazakhstan JSC, which are actually also PAIMO, controlled pension assets independently. Stake of PA, which were controlled by these funds, by the beginning of February of 2005 totaled 53.9% of all PA of the republic (as of January 1 this indicator was 49.9%).
The table below presents volumes of assets of each funds (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of February 1 of 2005. Figures in parentheses give the same picture as of January 1 of 2005.
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Total assets
----------------------
Net % of all PA
pension of
Name of PAMC / APF assets Volume Kazakhstan Invested
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PAIMO ABN AMRO Asset Management JSC
-------------------------------------------------------------------------------
APF KAPITAL JSC 5,561 5,575 1.12(1.10) 5,559
APF ABN AMRO-CaspiyMunai Gas JSC 36,283 36,373 7.31(7.33) 36,365
----------------------------------- -------- -------- ------------ --------
Total 41,844 41,948 8.43(8.43) 41,925
----------------------------------- -------- -------- ------------ --------
PAIMO ZHETYSU JSC
------------------------------------------------------------------------------- APF Ular Umyt CJSC 88,822 89,174 17.93(17.68) 88,840 Total 88,822 89,174 17.93(17.68) 88,840 ----------------------------------- -------- -------- ------------ --------
PAIMO Premier Asset Management JSC
------------------------------------------------------------------------------- OAPF OTAN JSC 9,066 9,082 1.83(1.83) 9,049 ----------------------------------- -------- -------- ------------ -------- Total 9,066 9,082 1.83(6.14) 9,049 ----------------------------------- -------- -------- ------------ --------
PAIMO Activ-Invest JSC
------------------------------------------------------------------------------- PAP Valut-tranzit Fund JSC 21,181 21,192 4.26(4.27) 21,035 ----------------------------------- -------- -------- ------------ -------- Total 21,181 21,192 4.26(4.27) 21,035 ----------------------------------- -------- -------- ------------ --------
PAIMO Bailyk Asset Management JSC
------------------------------------------------------------------------------- PAPF of open type named after 1,367 1,369 0.28(0.27) 1,363 Kunayev JSC OAPF SENIM JSC 21,349 21,420 4.31(4.29) 20,951 APF Korgau JSC 7,283 7,298 1.47(1.49) 7,165 OPAPF Nefte-Gas-Dem CJSC 12,784 12,831 2.58(2.57) 12,169 ----------------------------------- -------- -------- ------------ -------- Total 42,782 42,918 8.63(8.62) 41,648 ----------------------------------- -------- -------- ------------ --------
PAMC NURTRUST CJSC
------------------------------------------------------------------------------- OAPF Narodniy pensionniy fond JSC 11,719 11,773 2.37(2.33) 11,731 ----------------------------------- -------- -------- ------------ -------- Total 11,719 11,773 2.37(2.33) 11,731 ----------------------------------- -------- -------- ------------ --------
PAIMO ALFA-TRUST JSC
------------------------------------------------------------------------------- APF Kazakhmys JSC 13,329 13,342 2.68(2.67) 13,162 ----------------------------------- -------- -------- ------------ -------- Total 13,329 13,342 2.68(2.67) 13,162 ----------------------------------- -------- -------- ------------ --------
APF, operating as pension assets management companies independently
----------------------------------- -------- -------- ------------ -------- APF of Halyk Bank of Kazakhstan JSC 124,485 124,948 25.12(25.02) 122,730 APF BTA Kurmet-Kazakhstan JSC 35,873 35,936 7.22(2.98) 35,628 State accumulative pension fund 106,934 107,115 21.53(21.86) 106,703 JSC (SAPF) ----------------------------------- -------- -------- ------------ -------- Total 267,292 267,999 53.88(49.86) 265,062 ----------------------------------- -------- -------- ------------ --------
TOTAL pension assets 496,035 497,429 100.0 492,453
------------------------------------------------------------------------------- * in January of 2005 POAPF Kurmet JSC was joined with PAPF Kazakhstan JSC so there was founded Accumulative pension fund BTA Kurmet-Kazakhstan JSC.
The biggest APF by the end of January 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 (25.12% of all PA in management), second place belongs to SAPF (21.53%), the third place - PAIMO ZHETYSU JSC (17.9%).
The highest assets growth rate (4.5% in tenge) in January 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 KZT3,758.3 m. The second gainer is APF UlarUmit CJSC (growth by KZT3,544.7 m.; the third one - SAPF (growth by KZT1,203.9 m).
Distribution of investment assets by financial instruments as of February 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 ) - 17.87% (14.64%; 15.23%);
- eurobonds of Kazakhstan sovereign debt (USD) - 0.51% (0.52%; 0.54%);
- short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 33.02% (38.36%; 35.01%);
- bonds of local municipal authorities of Kazakhstan (USD) - 0.03% (0.03%; 0.03%);
- shares of foreign issuers (foreign currencies) - 1.42% (1.51%; 1.51%);
- corporate bonds of foreign issuers (foreign currencies) - 0.36% (0.27%; 0.28%);
- foreign government securities - 0.85% (0.14%; 3.97%);
- securities of international financial organizations (foreign currencies) - 0.67% (1.25%; 0.16%);
- Kazakhstan companies' shares - 6.04% (6.82%; 5.72%);
- Kazakhstan companies' bonds - 27.46% (24.82%; 25.90%);
- deposits and deposit certificates (KZT) - 10.74% (10.90%; 10.62%);
- deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%);
- refined gold - 0.00% (0.00%; 0.00%);
- stakes of Kazakhstan unit funds - 0.00% (0.00%; 0.00%);
- stakes of foreign unit funds - 0.02% (0.02%; 0.00%).
According to FSA data, as of February 1 of 2005, funds on investment accounts and other assets totaled 1.01% (0.72%; 1.02%) of total pension assets.
There were not many new tendencies in January and they were easily forecasted. Floatation of MEUJKAM-120 resulted in the considerable growth of the stake of PA investing into mid- and long-term domestic GS of the Ministry of finance. This a little bit reduced proportion of pension money invested into small-profit short-term GS. Growth of the stake of investments into Kazakhstan companies' bonds, primary floatations of which were actively held in December and in January, also attract attention.
In the opinion of analysts of IRBIS, in February it's possible to forecast more considerable changes in the structure of PA investing because the market will feel consequences of change of PA investing limits set by Kazakhstan Agency for financial market and financial organizations regulation and supervision. Updated limits are in effect since February 12 of 2005.
[2005-02-23]