Kazakhstan’s Unified Accumulative Pension Fund’s (UAPF) audited report for 2023 indicates that nine foreign asset management companies generated $303 million in income for depositors. This is a significant improvement from 2022 when the fund reported a loss of $203 million. The assets managed by these foreign companies saw substantial growth year-on-year (YoY).
The top-performing entities were PGIM Limited, Principal Global Investors Limited and HSBC Global Asset Management Limited, managing $1.09 billion, $1.08 billion and $687 million in pension assets, respectively.
Other managing entities with smaller pension assets include Aviva Investors Global Services Limited ($381.9 million), Invesco Asset Management Deutschland ($375.5 million) and BlackRock Investment Management ($256.3 million).
In 2023, the total volume of pension assets entrusted to external managers reached $5.2 billion, representing 13.3% of the total pension savings by year-end. In comparison, this figure was 9.2% in 2022, with assets under management totaling $2.9 billion. That year, foreign managers reported a loss of $203 million.
Pension assets are managed by the National Bank and five private companies. Over the first seven months of 2024, the yield on assets managed by the National Bank was 7.51%, with inflation at 4.7%. By August 1, the annual yield had reached 12.72%, while inflation was 8.6%. All private companies outperformed the National Bank: Halyk Global Markets yielded 7.66%, Halyk Finance 7.91%, BCC Invest 8.25%, Jusan Invest 8.91% and Centras Securities 9.05%. However, private companies manage only 0.17% of the total pension assets.
According to the National Bank, the UAPF’s net profit rose by 18.1% YoY, reaching $36 million over the period from January to July 2024. This represents a 1.3% increase YoY.
