Key Takeaways
- • The National Bank of Kazakhstan reports that $5.18bn of pension savings have been gradually transferred abroad to be managed by 10 foreign companies, representing 14.1% of the Unified National Pension Fund's (EPPF) total assets.
- • Approximately $2.3m from the fund was transferred to PIMCO in the most recent month, per the National Bank's representatives as reported by The Times of Central Asia.
- • The National Bank ran a 2023 tender selecting PIMCO and TCW as external managers for the global emerging-market bonds mandate, with JP Morgan named as standby manager.
- • Agreements governing investment management of EPPF pension assets with these managers are still being developed.
- • The EPPF continues to favor foreign managers for its currency portfolio across global shares, global emerging-market bonds and global investment-grade corporate bonds mandates.
Summary
The National Bank of Kazakhstan has announced that pension savings totaling $5.18 billion have been gradually transferred abroad to be managed by 10 foreign companies, according to representatives of the bank, as reported by The Times of Central Asia. The bank stated that this amount represents 14.1% of the Unified National Pension Fund's (EPPF) total assets.
The transfers are ongoing. The publication reports that last month approximately $2.3 million from the fund was moved to the U.S.-based investment firm Pacific Investment Management Company (PIMCO).
The National Bank conducted a tender process in 2023 to select external managers for the global emerging-market bonds mandate. PIMCO and TCW were chosen as external managers, and JP Morgan was selected as standby manager. Agreements governing the investment management of EPPF pension assets with these firms are currently being developed.
According to the bank, foreign asset managers remain attractive to the EPPF for investing its currency portfolio under mandates for global shares, global emerging-market bonds and global investment-grade corporate bonds.
The transfers are ongoing. The publication reports that last month approximately $2.3 million from the fund was moved to the U.S.-based investment firm Pacific Investment Management Company (PIMCO).
The National Bank conducted a tender process in 2023 to select external managers for the global emerging-market bonds mandate. PIMCO and TCW were chosen as external managers, and JP Morgan was selected as standby manager. Agreements governing the investment management of EPPF pension assets with these firms are currently being developed.
According to the bank, foreign asset managers remain attractive to the EPPF for investing its currency portfolio under mandates for global shares, global emerging-market bonds and global investment-grade corporate bonds.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.