ANALYSIS: According to AFS amount of net pension assets in Kazakhstan as of November 1, 2005 reached $4,560.7 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, November 22, 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 of November 1, 2005 reached KZT610,307.5 m. or $4,560.7 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as on October 1, 2005 - KZT596,451.5 m. or $4,461.1 m. In October 2005 net assets of accumulative pension funds (APF) grew by 2.32% in tenge and by 2.33% in dollar equivalent. In September 2005 assets increased by 2.17% in tenge and by 3.43% in dollar equivalent. By the beginning of November 2005 total sum of PA was KZT611,235.2 m., of them KZT606,235.7 m. were invested. Within October 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 November 2005, totaled 52.92% of all PA of the republic (as on October 1 this indicator was 53.02%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of November 1, 2005. Figures in parentheses give the same picture as of October 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 43,661 43,721 7.15 (7.17) 43,661 APF Kapital JSC 9,511 9,531 1.56 (1.51) 9,495 ----------------------------------- ------- ------- ------------- -------- Total 53,173 53,253 8.71(8.68) 53,156 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,153 2,156 0.35 (0.34) 2,148 Kunayev JSC APF NefteGas-Dem CJSC 15,631 15,662 2.56 (2.56) 15,613 OAPF SENIM JSC 25,911 25,931 4.24 (4.28) 25,768 APF Korgau JSC 9,280 9,291 1.52 (1.52) 9,196 ----------------------------------- ------- ------- ------------- -------- Total 52,974 53,040 8.68 (8.70) 52,726 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 11,602 11,616 1.90 (1.89) 11,594 ----------------------------------- ------- ------- ------------- -------- Total 11,602 11,616 1.90 (1.89) 11,594 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 15,522 15,546 2.54 (2.56) 15,487 ----------------------------------- ------- ------- ------------- -------- Total 15,522 15,546 2.54 (2.56) 15,487 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmyt CJSC 110,056 110,230 18.03.(18.00) 110,072 ----------------------------------- ------- ------- ------------- -------- Total 110,056 110,230 18.03.(18.00) 110,072 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-tranzit Fund JSC 29,620 29,661 4.85 (4.80) 28,990 Total 29,620 29,661 4.85 (4.80) 28,990 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 14,425 14,452 2.36 (2.35) 14,428 ----------------------------------- ------- ------- ------------- -------- Total 14,425 14,452 2.36 (2.35) 14,428 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 121,580 121,797 19.93 (19.99) 121,523 APF BTA Kurmet-Kazakhstan JSC 44,515 44,548 7.29 (7.37) 44,277 APF of Halyk Bank of Kazakhstan JSC 156,840 157,093 25.70 (25.66) 153,982 ----------------------------------- ------- ------- ------------- -------- Total 322,935 323,438 52.92 (53.02) 319,783 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 610,307 611,235 100.0 606,236 ------------------------------------------------------------------------------ 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 (19.9%), the third place - PAIMO ZHETYSU JSC (18.0%). The highest assets growth rate (6.32% in tenge) in October 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 KZT3,846.3 m. The second gainer is APF UlarUmit JSC (growth by KZT2,734.9 m.); the third one - APF SAPF JSC (growth by KZT2,434.9 m.). Invested assets by financial instruments as on November 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) - 19.64% (21.92%; 22.30%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.63% (0.80%; 0.76%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 16.10% (12.43%; 13.52%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.01% (0.01%; 0.03%); - shares of foreign issuers (foreign currencies) - 0.80% (1.00%, 1.06%); - corporate bonds of foreign issuers (foreign currencies) - 1.38% (0.76%, 0.78%); - foreign states securities - 4.57% (5.00%; 5.22%); - securities of international financial organizations (foreign currencies) - 0.62% (0.62%, 0.63%); - Kazakhstan companies' shares - 8.05% (8.68%, 8.34%); - Kazakhstan companies' bonds - 31.56% (30.66%, 30.39%); - deposits and deposit certificates (KZT) - 15.71% (15.78%, 16.06%); - deposits and deposit certificates (foreign currencies) - 0.05% (0.00%; 0.05%); - refined gold - 0.00% (0.00%; 0.00%); - stakes of Kazakhstan investment funds - 0.00% (0.00%; 0.00%); - stakes of foreign investment funds - 0.05% (0.02%; 0.02%). Funds on investment accounts and other assets according to AFS data as on November 1 were 0.83% (1.32%, 0.84%) from total amount of PA. We should say that the above data practically does not illustrate any tendencies in structure of aggregated portfolio in contrast to previous months. It should only be noted purchases of shares of foreign investment funds, made in October by one Kazakhstan APF. However investments of such kind while look exotic. [2005-11-22]