ANALYSIS: according to FSA amount of net pension assets in Kazakhstan as on July 1, 2005 reached $4,115.9 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, July 20, 05/ - According to Kazakhstan Agency for financial market and financial organizations regulation and supervision (FSA) data total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission fees, pension payment debts) as on July 1, 2005 reached KZT556,468.3 m. or $4,115.9 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as on June 1, 2005 - KZT542,085.8 m. or $4,125.8 m. In June 2005 net assets of accumulative pension funds (APF) increased by 2.65% in tenge and decreased by 0.24% in dollar equivalent. In May 2005 assets increased by 2.18% in tenge and by 2.35% in dollar equivalent. By the beginning of July 2005 total sum of PA was KZT557,569.4 m., of them KZT551,168.2 m. were invested. Within June 2005 there were seven specialized companies conducting pension assets investment management activity (PAIMO) and 14 accumulative pension funds. Three funds - Accumulative pension fund 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 was controlled by these funds, by the beginning of July 2005, totaled 53.39% of all PA of the republic (as of June 1 this indicator was 53.48%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as on July 1, 2005. Figures in parentheses give the same picture as of June1, 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 40 244 40 309 7,23 (7,26) 40 102 APF Kapital JSC 7 483 7 498 1,34 (1,29) 7 384 ----------------------------------- ------- ------- ------------- -------- Total 47 726 47 807 8,57 (8,54) 47 486 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 1 755 1 758 0,32 (0,31) 1 754 Kunayev JSC APF NefteGas-Dem CJSC 14 342 14 365 2,58 (2,59) 14 309 OAPF SENIM JSC 24 005 24 061 4,32 (4,33) 23 574 APF Korgau JSC 8 366 8 380 1,50 (1,50) 8 315 ----------------------------------- ------- ------- ------------- -------- Total 48 468 48 565 8,71 (8,73) 47 952 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF OTAN JSC 10 385 10 402 1,87 (1,86) 10 365 ----------------------------------- ------- ------- ------------- -------- Total 10 385 10 402 1,87 (1,86) 10 365 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-tranzit Fund JSC 25 407 25 466 4,57 (4,51) 25 319 ----------------------------------- ------- ------- ------------- -------- Total 25 407 25 466 4,57 (4,51) 25 319 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 14 459 14 485 2,60 (2,62) 14 187 ----------------------------------- ------- ------- ------------- -------- Total 14 459 14 485 2,60 (2,62) 14 187 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmyt CJSC 99 991 100 192 17,97 (17,91) 100 074 Total 99 991 100 192 17,97 (17,91) 100 074 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 12 939 12 961 2,32 (2,33) 12 917 ----------------------------------- ------- ------- ------------- -------- Total 12 939 12 961 2,32 (2,33) 12 917 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 115 273 115 481 20,71 (20,87) 115 236 APF BTA Kurmet-Kazakhstan JSC 40 179 40 239 7,22 (7,25) 39 813 APF of Halyk Bank of Kazakhstan JSC 141 641 141 969 25,46 (25,36) 137 818 ----------------------------------- ------- ------- ------------- -------- Total 297 093 297 690 53,39 (53,48) 292 867 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 556 468 557 569 100,0 551 168 ------------------------------------------------------------------------------ The biggest APF by the end of June by volume of net PA (in descending order of PA sum): APF Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF Ular Ymit CJSC. By the volume of managed assets APF Halyk Bank of Kazakhstan JSC retains leadership (25.5% of all PA in management). The second place belongs to APF SAPF JSC (20.7%), the third place - PAIMO ZHETYSU JSC (18.0%). The highest assets growth rate (6.72% in tenge) in June 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 KZT4,288.5 m. The second gainer is APF UlarUmit CJSC (growth by KZT2,952.9 m.; the third one - APF SAPF JSC (growth by KZT2,205.6 m.). Distribution of investment assets by financial instruments as of July 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) - 23.32% (23.62%; 22.64%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.32% (0.45%; 0.48%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 17.83% (20.27%; 22.34%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.03% (0.03%; 0.03%); - shares of foreign issuers (foreign currencies) - 1.32% (1.33%; 1.46%); - corporate bonds of foreign issuers (foreign currencies) - 0.57% (0.53%; 0.44%); - foreign states securities - 3.86% (2.40%; 1.80%); - securities of international financial organizations (foreign currencies) - 0.66% (0.68%; 0.59%); - Kazakhstan companies' shares - 7.19% (7.13%; 6.36%); - Kazakhstan companies' bonds - 29.85% (29.40%; 28.39%); - deposits and deposit certificates (KZT) - 13.88% (13.63%; 12.77%); - 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 July 1 were 0.15% (0.51%, 2.38%) from total amount of PA. Above data allows to say that change of structure of aggregated pension portfolio is developing in forecasted direction and looks quite adequate to change of current market conjuncture. For example, the most interesting tendency of the last months - tenge devaluation to USA dollar - resulted, on the one hand, in decrease of interest of managing assets to long term domestic GS of the Ministry of finance, and on the other hand - in anticipatory growth of investments in corporate bonds of foreign issuers and securities of foreign states. Increased emission activity of Kazakhstan banks in issue of shares and bonds also found reflection in the structure of pension portfolio. Stake of investments of PA in instruments of this category is growing during last three months. Stake of deposits also continues to increase. [2005-07-20]