FSA: as of March 1, 2005 net pension assets of Kazakhstan reached $3,878.5 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, March 24, 05/ - Kazakhstan Agency for financial market and financial organizations regulation and supervision (FSA) says amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission fees, pension payment debts) as of March 1, 2005 reached KZT505,019.1 m. or $3,878.5 m. at the weighted average exchange's rate effective on mentioned date. Corresponding indicators as of February 1 of 2005 - KZT496,035.3 m. or $3,814.5 m. In February of 2005 net assets of accumulative pension funds (APF) increased by 1.81% in tenge and by 1.68% in dollar equivalent. In January of 2005 assets increased by 2.49% in tenge and by 2.46% in dollar equivalent. At the beginning of March of 2005 total sum of PA was KZT505,496.6 m., of them KZT496,568.7 m. were invested. Within February 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 Kurmet-Kazakhstan JSC, which are actually also PAIMO, controlled pension assets independently. Stake of PA, which were controlled by these funds, at the beginning of March of 2005 was 53.8% of all PA of the republic (as of February 1 this indicator was 53.9%). The table below presents volumes of assets of each funds (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of March 1 of 2005. Figures in parentheses give the same picture as of February 1 of 2005. ------------------------------------------------------------------------- Total assets ------- ------------ Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------- PAIMO ABN AMRO Asset Management JSC ------------------------------------------------------------------------- APF KAPITAL JSC 5,844 5,850 1.16(1.12) 5,814 APF ABN AMRO-CaspiyMunai Gas JSC 36,903 36,934 7.31(7.31) 36,906 ----------------------------------- ------- ------- ------------ -------- Total 42,747 42,784 8.46(8.43) 42,721 ----------------------------------- ------- ------- ------------ -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------- APF Ular Umyt CJSC 90,449 90,496 17.90(17.93) 90,412 Total 90,449 90,496 17.90(17.93) 90,412 ----------------------------------- ------- ------- ------------ -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------- OAPF OTAN JSC 9,245 9,253 1.83(1.83) 9,201 ----------------------------------- ------- ------- ------------ -------- Total 9,245 9,253 1.83(1.83) 9,201 ----------------------------------- ------- ------- ------------ -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------- PAP Valut-tranzit Fund JSC 21,915 21,964 4.35(4.26) 21,684 ----------------------------------- ------- ------- ------------ -------- Total 21,915 21,964 4.35(4.26) 21,684 ----------------------------------- ------- ------- ------------ -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------- PAPF of open type named after 1,439 1,442 0.29(0.28) 1,425 Kunayev JSC OAPF SENIM JSC 21,785 21,812 4.31(4.31) 21,394 APF Korgau JSC 7,467 7,495 1.48(1.47) 7,458 OPAPF Nefte-Gas-Dem CJSC 13,067 13,089 2.59(2.58) 12,895 ----------------------------------- ------- ------- ------------ -------- Total 43,758 43,838 8.67(8.63) 43,173 ----------------------------------- ------- ------- ------------ -------- PAMC NURTRUST CJSC ------------------------------------------------------------------------- OAPF Narodniy pensionniy fond JSC 11,831 11,835 2.34(2.37) 11,461 ----------------------------------- ------- ------- ------------ -------- Total 11,831 11,835 2.34(2.37) 11,461 ----------------------------------- ------- ------- ------------ -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------- APF Kazakhmys JSC 13,502 13,518 2.67(2.68) 13,431 ----------------------------------- ------- ------- ------------ -------- Total 13,502 13,518 2.67(2.68) 13,431 ----------------------------------- ------- ------- ------------ -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------ -------- APF of Halyk Bank of Kazakhstan JSC 126,646 126,710 25.07(25.12) 126,157 APF BTA Kurmet-Kazakhstan JSC 36,643 36,703 7.26(7.22) 36,550 APF SAPF JSC 108,283 108,396 21.44(21.53) 101,778 ----------------------------------- ------- ------- ------------ -------- Total 271,572 271,808 53.77(53.88) 264,485 ----------------------------------- ------- ------- ------------ -------- TOTAL pension assets 505,019 505,497 100.0 496,569 ------------------------------------------------------------------------- The biggest APF by the end of February 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 (25.07% of all PA in management), second place belongs to SAPF (21.44%), the third place - PAIMO ZHETYSU JSC (17.9%). The highest assets growth rate (5.02% in tenge) in February was recorded in PAPF of open type named after Kunayev JSC. In absolute monetary terms the leader is APF Halyk Bank of Kazakhstan JSC. Its assets increased within the month by KZT1,761.5 m. The second gainer is APF UlarUmit CJSC (growth by KZT1,321.4 m.; the third one - SAPF (growth by KZT1,280.6 m.). Distribution of investment assets by financial instruments as of March 1, 2005 is following (figures in parentheses display data for previous two months in reverse chronological order, % are given out of gross PA): - mid- and long-term domestic GS of the Ministry of Finance (KZT ) - 19.84% (17.87%; 14.64%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.50% (0.51%; 0.52%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 30.05% (33.02%; 38.36%); - bonds of local municipal authorities of Kazakhstan (USD) - 0.03% (0.03%; 0.03%); - shares of foreign issuers (foreign currencies) - 1.43% (1.42%; 1.51%); - corporate bonds of foreign issuers (foreign currencies) - 0.39% (0.36%; 0.27%); - foreign states securities - 0.46% (0.85%; 0.14%); - securities of international financial organizations (foreign currencies) - 0.68% (0.67%; 1.25%); - Kazakhstan companies' shares - 6.12% (6.04%; 6.82%); - Kazakhstan companies' bonds - 27.41% (27.46%; 24.82%); - deposits and deposit certificates (KZT) - 11.30% (10.74%; 10.90%); - 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 - 0.03% (0.02%; 0.02%). According to FSA data, as of March 1 of 2005, funds on investment accounts and other assets totaled 1.76% (1.01%; 0.72%) of total pension assets. As was assumed, pension assets market has been influenced by new limits of PA investing, which were set by FSA and took effect since February 12 of 2005. But this influence was insignificant and resulted in growth of the stake of investments into Kazakhstan banks' deposits. As was said before, FSA permitted to invest pension money into bank deposits with the term of up to three years, whereas before this term was one year. It's natural that banks used the opportunity to get longer money from funds and, judging on all, stake of PA investing into this type of financial instruments will grow most quickly in the nearest future. As regards other objects of PA investing, there were no pronounced tendencies. Structure of pension market subjects' portfolios can be considerably changed only by new infrastructure and project bonds, and also by long MEKAM, which the Ministry of finance promised in this year. [2005-03-24]