FSA: as of July 1, 2005 net pension assets of Kazakhstan reached $4,125.8 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, June 20, 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 June 1, 2005 reached KZT542,085.8 m. or $4,125.8 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as of May 1 of 2005 - KZT530,508.3 m. or $4,030.9 m. In May of 2005 net assets of accumulative pension funds (APF) increased by 2.18% in tenge and by 2.35% in dollar equivalent. In April of 2005 assets increased by 2.31% in tenge and by 3.01% in dollar equivalent. By the beginning of June of 2005 total sum of PA was KZT542,811.4 m., of them KZT540,090.1 m. were invested. Within May 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 June of 2005 totaled 53.48% of all PA of the republic (as of May 1 this indicator was 53.57%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of June 1 of 2005. Figures in parentheses give the same picture as of May 1 of 2005. ------------------------------------------------------------------------------ Total assets ---------------------- Net % of all PA pension of Name of PAMC / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------------ PAIMO ABN AMRO Asset Management JSC ------------------------------------------------------------------------------ APF ABN AMRO-KaspiyMunai Gas JSC 39 362 39 388 7.26 (7.29) 39 077 APF Kapital JSC 6 983 6 994 1.29 (1.25) 6 819 ----------------------------------- ------- ------- ------------- -------- Total 46 346 46 383 8.54 (8.54) 45 896 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 1 673 1 677 0.31 (0.30) 1 675 Kunayev JSC APF NefteGas-Dem CJSC 14 058 14 067 2.59 (2.60) 14 047 OAPF SENIM JSC 23 424 23 478 4.33 (4.31) 22 599 APF Korgau JSC 8 139 8 162 1.50 (1.48) 8 119 ----------------------------------- ------- ------- ------------- -------- Total 47 294 47 383 8.73 (8.69) 46 440 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF OTAN JSC 10 097 10 112 1.86 (1.85) 10 056 ----------------------------------- ------- ------- ------------- -------- Total 10 097 10 112 1.86 (1.85) 10 056 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-tranzit Fund JSC 24 434 24 489 4,51 (4,44) 24 422 ----------------------------------- ------- ------- ------------- -------- Total 24 434 24 489 4,51 (4,44) 24 422 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 13,942 13,964 2.63 (2.65) 13,883 ----------------------------------- ------- ------- ------------- -------- Total 13,942 13,964 2.63 (2.65) 13,883 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmyt CJSC 97 174 97 239 17.91 (17.96) 97 143 Total 97 174 97 239 17.91 (17.96) 97 143 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 12 631 12 659 2.33 (2.32) 12 642 ----------------------------------- ------- ------- ------------- -------- Total 12 631 12 659 2.33 (2.32) 12 642 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 113 107 113 276 20.87 (21.02) 112 821 APF BTA Kurmet-Kazakhstan JSC 39 281 39 344 7.25 (7.22) 39 060 APF of Halyk Bank of Kazakhstan JSC 137 506 137 681 25.36 (25.33) 137 403 ----------------------------------- ------- ------- ------------- -------- Total 289 894 290 301 53.48 (53.57) 289 284 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 542 086 542 811 100.0 540 090 ------------------------------------------------------------------------------ The biggest APF by the end of May by volume of net 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 (25.4% of all PA in management), second place belongs to SAPF (21.0%), the third place - PAIMO ZHETYSU JSC (18.0%). The highest assets growth rate (5.25% in tenge) in April was recorded in APF Kapital JSC. In absolute monetary terms the leader is APF Halyk Bank of Kazakhstan JSC. Its assets increased within the month by KZT3,098.7 m. The second gainer is APF UlarUmit CJSC (growth by KZT1,840.2 m.; the third one - APF SAPF JSC (growth by KZT1,637.8 m.). Distribution of investment assets by financial instruments as of June 1, 2005 is as following (figures in parentheses display data for previous two months in reverse chronological order, % are given out of full PA): - long-term domestic GS of the Ministry of Finance (KZT ) - 23.62% (22.64%; 19.92%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.45% (0.48%; 0.49%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 20.27% (22.34%; 28.16%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.03% (0.03%; 0.03%); - shares of foreign issuers (foreign currencies) - 1.33% (1.46%; 1.39%); - corporate bonds of foreign issuers (foreign currencies) - 0.53% (0.44%; 0.44%); - foreign states securities - 2.40% (1.80%; 1.83%); - securities of international financial organizations (foreign currencies) - 0.68% (0.59%; 0.65%); - Kazakhstan companies' shares - 7.13% (6.36%; 6.05%); - Kazakhstan companies' bonds - 29.40% (28.39%; 28.37%); - deposits and deposit certificates (KZT) - 13.63% (12.77%; 12.07%); - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 0.00% (0.00%; 0.00%); - stakes of Kazakhstan investment funds - 0.00% (0.00%; 0.00%); - stakes of foreign investment funds - 0.02% (0.02%; 0.02%). Funds on investment accounts and other assets according to AFS data as on May 1 were 0.51% (2.38%, 0.58%) from total amount of PA. Except tendencies, which became usual for the last time (growth of stake in portfolio of SPF of long term GS with decrease of stake of short term, increase of deposit stake), reporting period demonstrated also something new. Strengthening of USD positions to Kazakhstan's national currency, more likely to be long-term trend, caused growth of interest of "pensioners" to foreign securities - GS of foreign issuers, foreign GS, bonds of IFO. It is early to say here about tendency. But IRBIS specialists inclined to wait growth of PA investments in instruments of this category in nearest future. Also interest of managing PA to CS of Kazakhstan issuers attracts attention, this is caused by increased volume of new securities, including bonds at last time at the market. As a whole we may stress, that change of aggregated pension portfolio is developing in forecasted direction and looks quite adequate to change of current market conjuncture. [2005-06-20]