ANALYSIS: According to AFS amount of net pension assets in Kazakhstan as of April 1, 2006 reached $5,560.7 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, April 21, 06/ - According to data of Agency of the Republic of Kazakhstan for regulation and supervision of financial market and financial organizations (AFS) total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission interests, accounts payable on pension payments) as of April 1, 2006 reached KZT713,999.5 m. or $5,560.7 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicators as of March 1, 2006 - KZT693,550.9 m. or $5,328.0 m. In March, 2006 net assets of accumulative pension funds (APF) grew by 2.95% in tenge and by 4.37% in dollar equivalent. In February, 2006 assets increased by 3.59% in tenge and by 3.49% in dollar equivalent. By the beginning of April, 2006 total amount of PA was KZT715,749.5 m., of them KZT711,590.9 m. were invested. Within March, 2006 there were seven specialized organizations conducting pension assets investment management activity (PAIMO) and 14 APF. Three funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF BTA Kazakhstan JSC, which are actually also PAIMO, controlled pension assets independently. Stake of PA, which was controlled by these funds, by the beginning of April of 2006, totaled 53.36% of all PA of the republic (as of March 1 this indicator was 53.17%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of April 1, 2006. Figures in parentheses give the same picture as of March 1, 2006. -------------------------------------------------------------------------- Total assets ------- ------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested -------------------------------------------------------------------------- PAIMO ABN AMRO Asset Management JSC -------------------------------------------------------------------------- APF ABN AMRO-KaspiyMunai Gas JSC 48,269 48,333 6,75,(6,82) 48,267 APF Kapital JSC 12,000 12,017 1,68,(1,65) 11,972 ----------------------------------- ------- ------- ------------- -------- Total 60,269 60,350 8,43,(8,48) 60,240 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC -------------------------------------------------------------------------- PAPF of open type named after 2,496 2,499 0.35,(0.35) 2,438 Kunayev JSC OAPF SENIM JSC 30,056 30,099 4.21,(4.25) 29,752 APF Korgau JSC 10,315 10,327 1.44,(1.46) 9,993 APF NefteGas-Dem JSC 17,588 17,624 2.46,(2.47) 17,553 ----------------------------------- ------- ------- ------------- -------- Total 60,455 60,549 8.46,(8.53) 59,735 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC -------------------------------------------------------------------------- OAPF Otan JSC 14,017 14,052 1.96,(1.94) 13,939 ----------------------------------- ------- ------- ------------- -------- Total 14,017 14,052 1.96,(1.94) 13,939 ----------------------------------- ------- ------- ------------- -------- PAIMO ALFA-TRUST JSC -------------------------------------------------------------------------- APF Kazakhmys JSC 16,809 16,832 2.35,(2.38) 16,556 ----------------------------------- ------- ------- ------------- -------- Total 16,809 16,832 2.35,(2.38) 16,556 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC -------------------------------------------------------------------------- APF UlarUmit JSC 130,032 130,329 18.21,(18.27) 130,213 ----------------------------------- ------- ------- ------------- -------- Total 130,032 130,329 18.21,(18.27) 130,213 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC -------------------------------------------------------------------------- PP Valut-Tranzit Fund JSC 34,553 34,606 4.83,(4.87) 33,891 Total 34,553 34,606 4.83,(4.87) 33,891 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC -------------------------------------------------------------------------- OAPF Atameken JSC 17,052 17,109 2.39,(2.36) 17,069 ----------------------------------- ------- ------- ------------- -------- Total 17,052 17,109 2.39,(2.36) 17,069 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 131,125 131,263 18.34,(18.50) 131,167 APF BTA Kazakhstan JSC 60,496 61,008 8.52,(8.25) 60,552 APF of Halyk Bank of Kazakhstan JSC 189,191 189,651 26.50,(26.42) 188,228 ----------------------------------- ------- ------- ------------- -------- Total 380,812 381,923 53.36,(53.17) 379,947 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 713,999 715,750 100.0 711,591 -------------------------------------------------------------------------- The biggest APF by the end of January by volume of net PA (in descending order of PA amount): 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 is still leading (26.5% of all PA in management). The second place belongs to APF SAPF JSC (18.34%), the third place - PAIMO ZHETYSU JSC (18.21%). The highest assets growth rate (6.12% in tenge) in March was recorded in APF BTA Kazakhstan JSC. In absolute monetary terms the leader is APF Halyk Bank of Kazakhstan JSC by the biggest amount of assets growth. Its assets increased within the month by KZT5,600.2 m. The second place belongs to APF BTA Kazakhstan JSC (growth by KZT3,519.8 m.); the third one - APF UlarUmit JSC (growth by KZT3,026.8 m.). Invested assets by financial instruments as at April 1, 2006 were allocated as follows (figures in parentheses display data for previous two months in reverse chronological order, % are given from full PA): - long-term domestic GS of the Ministry of Finance (KZT) - 19.78% (21.14%; 22.79%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.55% (1.46%; 1.08%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 9.14% (5.41%, 6.65%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.01% (0.01%; 0.01%); - shares of foreign issuers (foreign currencies) - 0.41% (0.44%; 0.46%); - corporate bonds of foreign issuers (foreign currencies) - 4.54% (4.40%; 2.47%); - foreign states securities - 3.92% (3.84%; 4.78%); - securities of international financial organizations (foreign currencies) - 0.49% (0.53%; 0.56%); - Kazakhstan companies' shares - 12.68% (11.96%; 10.16%); - Kazakhstan companies' bonds - 30.74% (29.86%; 30.22%); - deposits and deposit certificates in the National bank of Kazakhstan and second tier banks (KZT) - 16.40% (16.53%; 17.61%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 0.72% (0.21%; 0.17%); - stakes of Kazakhstan mutual funds - 0.00% (0.00%; 0.00%); - stakes of foreign mutual funds - 0.04% (0.04%; 0.04%). Funds on investment accounts and other assets according to AFS data as of April 1 were 0.58% (4.17%; 3.00%) from total amount of PA. The most interesting tendency of March on PA market of the republic undoubtedly is participation of PA managers in Kazakhstan shares market. Investments stake into this instrumental kit keeps growing, although, with rather slow temps due to considerable risks of this market segment. It should be noted, that in April PA workers were selling shares mostly on KASE. Thus, March tendency will hardly progress further. [2006-04-21]