ANALYSIS: According to AFS amount of net pension assets in Kazakhstan as of December 1, 2005 reached $4,670.8 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, December 23, 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 December 1, 2005 reached KZT626,351.0 m. or $4,670.8 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as on November 1, 2005 - KZT610,307.0 m. or $4,560.7 m. In November 2005 net assets of accumulative pension funds (APF) grew by 2.63% in tenge and by 2.41% in dollar equivalent. In October 2005 assets increased by 2.32% in tenge and by 2.33% in dollar equivalent. By the beginning of December 2005 total sum of PA was KZT627,440.6 m., of them KZT621,390.8 m. were invested. Within November 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 December 2005, totaled 52.85% of all PA of the republic (as on November 1 this indicator was 52.92%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of December 1, 2005. Figures in parentheses give the same picture as of November 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 44,616 44,676 7.12 (7.15) 44,521 APF Capital JSC 10,010 10,022 1.60 (1.56) 9,962 ----------------------------------- ------- ------- ------------- -------- Total 54,626 54,698 8.72 (8.71) 54,483 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,237 2,242 0.36 (0.35) 2,226 Kunayev JSC APF NefteGas-Dem CJSC 15,965 15,987 2.55 (2.56) 15,941 OAPF SENIM JSC 26,500 26,551 4.23 (4.24) 25,589 APF Korgau JSC 9,513 9,531 1.52 (1.52) 9,228 ----------------------------------- ------- ------- ------------- -------- Total 54,215 54,310 8.66 (8.68) 52,984 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 12,093 12,122 1.93 (1.90) 12,081 ----------------------------------- ------- ------- ------------- -------- Total 12,093 12,122 1.93 (1.90) 12,081 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC ------------------------------------------------------------------------------ APF Kazakhmys JSC 15,777 15,808 2.52 (2.54) 15,772 ----------------------------------- ------- ------- ------------- -------- Total 15,777 15,808 2.52 (2.54) 15,772 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmyt CJSC 112,959 113,125 18.03 (18.03) 112,922 ----------------------------------- ------- ------- ------------- -------- Total 112,959 113,125 18.03 (18.03) 112,922 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ PP Valut-tranzit Fund JSC 30,830 30,898 4.92 (4.85) 30,582 ----------------------------------- ------- ------- ------------- -------- Total 30,830 30,898 4.92 (4.85) 30,582 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 14,871 14,895 2.37 (2.36) 14,860 ----------------------------------- ------- ------- ------------- -------- Total 14,871 14,895 2.37 (2.36) 14,860 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 123,388 123,545 19.69 (19.93) 122,733 APF BTA Kurmet-Kazakhstan JSC 45,736 45,810 7.30 (7.29) 45,550 APF of Halyk Bank of Kazakhstan JSC 161,855 162,230 25.86 (25.70) 159,425 ----------------------------------- ------- ------- ------------- -------- Total 330,979 331,584 52.85 (52.92) 327,707 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 626,351 627,441 100.0 621,391 ------------------------------------------------------------------------------ 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 (25.9% of all PA in management). The second place belongs to APF SAPF JSC (19.7%), the third place - PAIMO ZHETYSU JSC (18.0%). The highest assets growth rate (9.92% in tenge) in November was recorded in PAPF Capital JSC. In absolute monetary terms the leader is APF Halyk Bank of Kazakhstan JSC. Its assets increased within the month by KZT8,983.5 m. The second gainer is APF UlarUmit JSC (growth by KZT5,629.9 m.); the third one - APF SAPF JSC (growth by KZT4,189.9 m.). Invested assets by financial instruments as on December 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) - 19.94% (19.64%; 21.92%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.62% (0.63%; 0.80%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 15.13% (16.10%; 12.43%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.01% (0.01%; 0.03%); - shares of foreign issuers (foreign currencies) - 0.63% (0.80%; 1.00%); - corporate bonds of foreign issuers (foreign currencies) - 1.34% (1.38%; 0.76%); - foreign states securities - 4.67% (4.57%; 5.00%); - securities of international financial organizations (foreign currencies) - 0.60% (0.62%, 0.62%); - Kazakhstan companies' shares - 8.14% (8.05%; 8.68%); - Kazakhstan companies' bonds - 31.38% (31.56%; 30.66%); - deposits and deposit certificates (KZT) - 16.52% (15.71%; 15.78%); - deposits and deposit certificates (foreign currencies) - 0.00% (0.05%; 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% (0.05%; 0.02%). Funds on investment accounts and other assets according to AFS data as on December 1 were 0.97% (0.83%, 1.32%) from total amount of PA. The above data show that November has not demonstrated any marked tendencies in change of structures of aggregated pension portfolio. [2005-12-23]