OREANDA-NEWS. National Rating Agency has affirmed its 'AA-' reliability rating on Independent Alliance Asset Management СJSC (Independent Alliance).

The rating reflects Independent Alliance's solid position in the pension market, briskly growing assets under management (AuM), established relationship with some key "anchor" customers and potential support from its partners.

The rating is constrained by the asset manager's low equity adequacy in relation to its fast-growing AuM and high business and customer base concentration. The fact that Independent Alliance's net profit dropped in 2014 compared with 2013 is also viewed as a weakness. NRA notes the company's improved, albeit still low profitability in 1Q 2015.