OREANDA-NEWS. On March 16, 2009 JSC Kazkommertsbank announced that it has sold its stake in the Ular Umit Pension Fund and Zhetysu Pension Asset Management, reported the press-centre of Kazkommertsbank.
 
The pension fund Ular Umit JSC (the Fund) is one of the largest pension funds in Kazakhstan. Kazkommertsbank’s objective as one of its shareholders was to implement an investment policy that would protect the interests of the Fund’s clients.

During 2008 Kazkommertbank made significant investments into Ular Umit, taking measures to capitalize it and to optimize the fund’s performance. However, as a non-controlling shareholder of the Fund and the company managing the Fund’s assets – Zhetysu Pension Asset Management Company (the Company), the Bank was unable to influence decisions made by the Fund and the Company.
 
In 2008 the Fund reported a KZT 4.8 billion net loss. The Company’s net loss in 2008 amounted to KZT2.68 billion.
 
Given that Kazkommertsbank could not take the responsibility for investment policies of the Fund and the Company, following negotiations with other shareholders, a decision was reached to sell Kazkommertsbank’s 49.35% stake in the Fund and 50% stake in the Company to the controlling shareholders with the aim of ensuring the stability of Ular Umit.
 
Going forward, Kazkommertsbank intends to focus on developing and strengthening the GrantumPension Fund and Grantum Asset Management, both of which are fully controlled by the Bank.
 
JSC Kazkommertbank is one of the largest financial groups in Kazakhstan. Apart from its pension fund Grantum and pension assets management company Grantum Asset Management, the group holds controlling stakes in subsidiaries such as Moskommertsbank (Russia), Kazkommertsbank-Kyrgyzstan, Kazkommertsbank Tajikistan, as well as KazkommertsPolicy and Kazkommert Life insurance companies and brokerage house Kazkommerts Securities.