VEB expanded portfolios

The bank reported on investing pension savings

Vnesheconombank showed an increase in income from investing pension savings. The net asset value of VEB's expanded portfolio increased in the first half of the year by 50.76% to RUB 723.41 billion. The value of the government securities portfolio assets increased 2.3 times to RUB 1.76 billion. As analysts note, the growth in income for these portfolios amounted to 7.5 and 9%, respectively, which is a very good result.

From November 1, 2009, VEB received the right to create two investment portfolios depending on investment instruments: an expanded and more conservative portfolio of government securities. Income from investing citizens' pension savings within the expanded investment portfolio in the first half of 2010 amounted to 29.188 billion rubles, five times higher than last year's figure - 5.22 billion rubles. As noted in the materials of the state corporation, the value of the net assets of the expanded portfolio as of June 30 amounted to 723.415 billion rubles, having increased by 50.76% in the first half of the year, and by 2% in the second quarter. The net asset value of this portfolio as of March 31, 2010 was 709.056 billion rubles, and as of December 31, 2009 - 479.827 billion rubles.

Within the portfolio of government securities (GS), income in the first half of the year amounted to 62.727 million rubles. The value of the net assets of the government securities portfolio in January-June increased 2.3 times, to 1.767 billion rubles. compared to RUB 764.616 million. based on the results of 2009. During the second quarter, the net asset value of this portfolio increased by 50.8%.

At the end of the first half of 2010, VEB managed 725.183 billion rubles. pension savings funds. In the first half of the year, 240.271 billion rubles were transferred from the Russian Pension Fund to the expanded portfolio, and 978.649 million rubles to the government securities portfolio.

“A significant increase in income was achieved thanks to funds contributed by the insured persons,” notes Salavat Khalilov, Deputy General Director of Alfa Capital Management Company. -- You can hardly earn more than 10% per annum on the market. There is currently a sideways trend in the government securities market, and there is no talk of serious growth.” The head of the debt instruments trading department of the Infina Financial Center, Dmitry Vlasov, shares the same opinion: “The Ministry of Finance has begun to implement its plans to borrow 1.2 trillion rubles from the OFZ market this year. In the OFZ segment, sales are observed in many securities: it seems that the Ministry of Finance was unable to convince participants that the ministry will not offer premiums at the upcoming auctions. The market has been hibernating for the last month, but I think activity will begin at the end of July – beginning of August.” “Based on the numbers, the managers coped with the task quite well,” says Mr. Vlasov. -- The yield on the expanded portfolio is approximately 9% per annum, and on the government securities market - 7.5%. We must not forget that there are more than 700 billion rubles under management.”

Nikolay KOCHELYAGIN