NRA has affirmed reliability rating “AAA” of the Group of Asset Management Companies KAPITAL

July 22, 2013

The Group consists of the three asset management companies: LLC "Asset Management Company "Kapital", CJSC "Kapital Asset Management" and LLC «Management Company Kapital Mutual Funds», which represent the asset management business of  "IFD “Kapital" and which are united on the basis of the holding company CJSC "Group Kapital Asset Management" under the governance of  Mr. Sergei Mikhailov – a member of the Board of Directors of "IFD Kapital".

Group of Asset Management Companies “Kapital'” is a leader in the Russian market of the management of private and corporate capital with the total assets under the management of more than RUR 145 billion. The Group provides a wide range of services to private and institutional investors. The activities within the Group are allocated between the companies into three areas: management of a broad line of standardized products with an emphasis on the management of pension savings across various categories ("Asset Management Company “Kapital" LLC); personalized services to corporate clients and major individual persons (CJSC "Kapital Asset Management ");  and the management of real estate funds, structuring of business and projects for large private investors (LLC «Management Company Kapital Mutual Funds»). In virtually all the areas of activity the companies of the Group are among the leaders in the Russian market.

LLC Asset Management Company Kapital is the largest company in the Group performing its operations since 1999. The total assets under the management of the Company as of March 31, 2013 totaled to RUR 132.7 billion. The key activity of the "Asset Management Company "Kapital" is the management of pension savings of different categories. As of March 31, 2013, the Company was managing pension assets transferred to non-governmental pension funds in the amount RUR 41.5 billion, with another RUR 30.2 billion accounting for pension reserves. The customers of the asset management company "Kapital" are 36 non-governmental pension funds (NPFs), including such major Russian funds as NPF “Blagosotoyanie”, NPF “Gazfond”, NPF “Norilsk Nickel”, Sberbank NPF, NPF of Electric Power Industry, NPF “Promagrofond”, NPF “KIT Finance”, NPF "LUKOIL-Garant" and others.

In 2012, there were significant changes in the structure of assets under the management of "Asset Management Company "Kapital" LLC, associated with the change of ownership of the NPF "LUKOIL-Garant ". As a result of these changes, the funds transferred by this NPF under the control of the Company decreased by almost RUR 100 billion, which affected the overall dynamics of assets under the management of the "Asset Management Company "Kapital" – thus, in Q1 2013 as compared with Q1 2012 the decrease made up -32 %. However, this allowed eliminating a high concentration of assets on the related parties and at the moment the "Asset Management Company "Kapital" is one of the largest asset management companies with the market assets. The dynamics of pension savings from market customers for the period under review was positive, among the most significant new customers there should be noted NPF “Almaznaya Osen’” (the “Diamond Autumn”), NPF “Renaissance Life and Pensions”, and NPF “URALSIB”.

In addition to funds of NPFs, the Company also manages the assets of the Pension Fund of Russia, which for the period from Q1 2012 to Q1 2013 have increased by 14% and amounted to RUR 1.9 billion as of March 31, 2013. In the rating of the quality of the management of pension savings, compiled by the National Rating Agency as per the results of 2012, the Company enters into the group of the first level, which includes asset management companies with high quality of the management of pension savings of the Pension Fund of Russia.

Another institutional client the "Asset Management Company "Kapital" is the Ministry of Defense of the Russian Federation. The Company is one of three winners of the contest on the management of funds under the "military mortgage" program and controls around RUR 39.7 billion according to the data as of March 31, 2013, a 39% increase as compared with the previous year.

Other business areas of the Company’s operation are being also actively developing. In 2012, the strategic decision was made to develop standardized products within the framework of the "Asset Management Company "Kapital", as a result of which some portion of the customers were transferred from CJSC "Kapital Asset Management" to the "Asset Management Company "Kapital" LLC. As a result of these changes, as of March 31, 2013, the "Asset Management Company "Kapital" LLC found itself to be managing the three interval unit investment trusts for a total amount of RUR 1.86 billion. This has also had a positive impact on the dynamics of assets under contracts of individual trust management, which increased year-on-year almost 4 times, and as of  March 31, 2013 made up RUR 16 billion.

The Company is working on a number of promising projects, where the emphasis is being made on the development of cooperation with insurance companies, self-regulatory organizations and endowment funds.

CJSC Kapital Asset Management, founded in 2008, used to specialize in the trust management of the funds of natural persons and legal entities, insurance companies, management of the market unit investment trusts (UITs). As of March 31, 2013, the Company was managing a line of unit investment trusts (6 open-end and 1 closed-end) with the total net asset value amounting to about RUR 2 billion. A year earlier, the Company was managing about RUR 4.5 billion, with such a sharp decline being due to the transfer of the three interval unit investment trusts (IUIT of shares "Investbalans".  IUIT of  mixed investments "NFPRiR" and IUIT of shares “Vysokie Technologii” ("High Technologies") under the control of  the "Asset Management Company "Kapital" LLC. CJSC "Kapital Asset Management" enjoys a wide network of agents, which includes 128 sales outlets throughout Russia. Apart from the funds of unit investment trusts, under the management of the Company as of March 31, 2013 there were about RUR 0.75 billion of funds under the contracts of individual trust management. As a result of implementation of the new development strategy, in the 2nd quarter of 2013 the Company has transferred under the management of  the "Asset Management Company “Kapital" LLC the remaining 6 open-end unit investment trusts, and will continue to proceed following the strategy of financial boutique making emphasis on an individual approach to asset management of corporate customers and major individual clients .

LLC «Management Company Kapital Mutual Funds» was created in 2004 in order to allocate  into a separate business such lines as the management of real estate funds, business structuring and projects for large private investors. The Company specializes in unit investment trusts of real estate category investments into construction. Under the management of the Company there are assets 5 closed-end investment funds, the net asset value of which as of March 31, 2013 remained virtually unchanged as compared with the same period of the last year and amounted to RUR 9.8 billion. In 2012, the Company registered yet another closed-end investment fund "StroyKapital", which is aimed at investors - individuals. The funds of this UIT are invested in the construction of residential real estate in the cities of Krasnodar and Novosibirsk; participation is also planned in the construction project in the Moscow region.

The analysis of the financial performance of all the three companies of the Group shows a traditionally high level of their liquidity, a relatively low level of risk of the assets, and sufficient capital adequacy. The equity funds calculated according to the method designed for asset managing companies have demonstrated high positive growth rates over the last 12 months, while their sufficiency has been remaining adequate to the operations of the companies. The activities of the Group of Asset Management Companies "Kapital" are consistently profitable.

"The affirmation of the reliability rating at the highest level is due to the retention by the Group of Asset Management Companies "Kapital" of leading market positions, the availability of a highly diversified asset under the management and maintaining a high level of business processes and risk management systems. The dynamics of the equity funds of the Group has been positive; the Group’s operations consistently bring a sufficiently high profit. In addition, the ratings are supported by factors such as a stable composition of management, good business reputation and considerable experience gained.

Among the negative factors there can be identified a downward trend of the total assets under the management of the Group of Asset Management Companies "Kapital" in the 1st quarter of 2013, which was associated with a significant reduction in assets under the management from the formerly affiliated NPF "LUKOIL-Garant". However, it has allowed the Group to become a market company in fll measure, one of the largest in the asset management market with no significant captive funds", - observes Natalya Soboleva, a senior analyst at the National Rating Agency.

The audit of the Group’s financial statements is performed by “Consultancy and Audit Firm “Delovaya Perspektiva” LLC.

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