ANALYSIS: according to AFS amount of net pension assets in Kazakhstan as on October 1, 2005 reached $4,461.1 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, October 19, 05/ - According to Agency of the Republic of Kazakhstan for regulation and supervision of financial market and financial organizations (AFS) data total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission fees, accounts payable on pension payments) as on October 1, 2005 reached KZT596,451.5 m. or $4,461.1 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as on September 1, 2005 - KZT583,764.2 m. or $4,313.0 m. In September 2005 net assets of accumulative pension funds (APF) grew by 2.17% in tenge and by 3.43% in dollar equivalent. In August 2005 assets increased by 2.60% in tenge and by 2.99% in dollar equivalent. By the beginning of October 2005 total sum of PA was KZT597,133.0 m., of them KZT589,359.3 m. were invested. Within September 2005 there were seven specialized organizations conducting pension assets investment management activity (PAIMO) and 14 APF. Three funds - Accumulative pension fund Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF 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 October 2005, totaled 53.02% of all PA of the republic (as on September 1 this indicator was 53.20%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as on October 1, 2005. Figures in parentheses give the same picture as of September 1, 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 42,759 42,817 7.17 (7.18) 42,784 APF Kapital JSC 9,015 9,028 1.51 (1.46) 8,997 ----------------------------------- ------- ------- ------------- -------- Total 51,773 51,845 8.68 (8.63) 51,781 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,017 2,020 0.34 (0.32) 2,010 Kunayev JSC APF NefteGas-Dem CJSC 15,249 15,268 2.56 (2.56) 14,854 OAPF SENIM JSC 25,525 25,579 4.28 (4.28) 24,914 APF Korgau JSC 9,037 9,054 1.52 (1.50) 8,836 ----------------------------------- ------- ------- ------------- -------- Total 51,828 51,921 8.70 (8.66) 50,614 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 11,246 11,259 1.89 (1.87) 11,244 ----------------------------------- ------- ------- ------------- -------- Total 11,246 11,259 1.89 (1.87) 11,244 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 15,280 15,306 2.56 (2.58) 15,253 ----------------------------------- ------- ------- ------------- -------- Total 15,280 15,306 2.56 (2.58) 15,253 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmyt CJSC 107,377 107,495 18.00 (17.98) 107,366 ----------------------------------- ------- ------- ------------- -------- Total 107,377 107,495 18.00 (17.98) 107,366 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-tranzit Fund JSC 28,617 28,659 4.80 (4.74) 27,911 Total 28,617 28,659 4.80 (4.74) 27,911 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 14,026 14,049 2.35 (2.34) 14,038 ----------------------------------- ------- ------- ------------- -------- Total 14,026 14,049 2.35 (2.34) 14,038 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 119,369 119,362 19.99 (20.29) 119,051 APF BTA Kurmet-Kazakhstan JSC 43,897 43,991 7.37 (7.35) 43,745 APF of Halyk Bank of Kazakhstan JSC 153,039 153,247 25.66 (25.57) 148,358 ----------------------------------- ------- ------- ------------- -------- Total 316,305 316,599 53.02 (53.21) 311,154 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 596,451 597,133 100.00 589,359 ------------------------------------------------------------------------------ The biggest APF by the end of July 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 (25.7% of all PA in management). The second place belongs to APF SAPF JSC (20.0%), the third place - PAIMO ZHETYSU JSC (18.0%). The highest assets growth rate (6.59% in tenge) in September 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 KZT3,666.2 m. The second gainer is APF UlarUmit JSC (growth by KZT2,337.0 m.; the third one - APF BTA Kurmet- Kazakhstan JSC (growth by KZT969.3 m.). Invested assets by financial instruments as on October 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) - 21.92% (22.30%, 23.21%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.80% (0.76%, 0.37%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 12.43% (13.52%, 14.10%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.01% (0.03%; 0.03%); - shares of foreign issuers (foreign currencies) - 1.00% (1.06%, 1.10%); - corporate bonds of foreign issuers (foreign currencies) - 0.76% (0.78%, 0.95%); - foreign states securities - 5.00% (5.22%, 4.71%); - securities of international financial organizations (foreign currencies) - 0.62% (0.63%, 0.64%); - Kazakhstan companies' shares - 8.68% (8.34%, 6.78%); - Kazakhstan companies' bonds - 31.66% (30.39%, 30.97%); - deposits and deposit certificates (KZT) - 15.78% (16.06%, 15.57%); - deposits and deposit certificates (foreign currencies) - 0.00% (0.05%; 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 September 1 were 1.32% (0.84%, 1.54%) from total amount of PA. Interesting peculiarity of September became growth of investment pension assets stake in instruments of Kazakhstan issuers. In this context definite interest causes increase of stake in aggregated euronotes pension portfolio of the republic's sovereign debt, and especially we would like to note attention of "pensioners" to shares and bonds of Kazakhstan companies. At the same time autumn brought crisis to tendency of increase of PA investments stake in deposits of the National bank and commercial banks. After reconsideration of terms of such money investments (allowed term of deposits was increased from 1 to 3 years) by AFS in February of the current year, stake of the above investments constantly grew. The above data certify about the fact, that having reached index of fixed limit in this case (not more than 20% from PA amount) described index started to fall. In October in pension market of Kazakhstan IRBIS specialists expect new tendencies, connected with coming into effect at the end of September new rules for execution of activity on pension assets management, which for the next time expanded opportunities of managing companies and funds. Particularly, we may expect purchase of shares of Kazakhstan investment funds and unsecured debt securities, which have passed KASE listing procedure in "B" category. However hardly these innovations are able considerably to affect structure of aggregated pension portfolio in short term prospect. [2005-10-19]