A new Canary Wharf rises from the Steppes
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“The main problem Kazakh pension funds face today is a lack of financial instruments” Issabayeva Gaini, Halyk Pension Fund |
Pension fund assets had reached $6.528 billion by October 2006. Halyk’s fund is the largest with total pension assets of about $1.8 billion. Pension fund investments in Kazakhstan have to follow strict regulations and maintain highly conservative portfolios, with a minimum of 15% invested in government bonds, not more than 50% in corporate securities, and not more than 40% in foreign assets, with an expectation that most of this is in AAA-rated assets.
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