Transcript Слайд 1 - УАІБ - Біржові курси

Ukrainian
Association
of Investment
Business
The development of asset management
business under the conditions of the
economy reforming
Dmytro Leonov
Chairman, Ukrainian Association
of Investment Business (UAIB),
Member of the Committee on Economic
Reforms under the President of Ukraine
Challenges of Collective Investment Business in CEE
27-28th October 2011 – Kyiv Workshop – 3rd session
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Agenda
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UAIB Overview
Specific Regulatory Framework
Developments and predominant trends in the
Asset Management Industry in Ukraine
How does the current structure of the Industry
look like?
Restrictions and Opportunities
2
UAIB History and Aims
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•
•
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Established in April 1995 by 3 investment companies;
Self-regulatory organization since October 1997, securities
market SRO of asset management companies since June 2002;
Currently has 339 AMC-members;
Main aims:
Maintaining high professional level of activities of securities market
participants, AMCs in particular.
Representation of the members and protection of their professional
interests.
Developing of and overseeing compliance with the norms and rules
of conduct of AMCs as well as improving legislation and regulatory
framework of the securities market.
Developing and introducing measures of protection of the members’
clients and other investors, as well as of observance of ethical norms
and rules of conduct by the members in their relations with clients.
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Regulatory Framework
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The Law of Ukraine On Securities and Stock Market
(2006);
The Law of Ukraine On Collective Investment
Institutions (Unit Trusts/Mutual Funds and
Corporate Investment Funds) (2001, new version 2008);
Law of the Ukraine On non state pension provision
(2003);
Tax Code (2011);
Currency legislation;
Regulatory acts of the Securities and Stock Market
State Commission (SSMSC);
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CII Asset Management
Industry Dynamics in 2004 – Q2 2011
11 000
500
10 000
450
409
380
9 000
339
334
8 000
344
347
400
350
7 000
300
6 000
8 678
228
10 296
5 000
3 000
250
9 992
200
159
4 000
10 319
7 598
150
5 880
88
100
2 000
1 000
2 710
293
0
2004
50
1 078
2005
0
2006
2007
2008
2009
CII Assets under management, EUR mln*
* At the average official EUR-UAH rate over the proper period
2010
Q1 2011 Q2 2011
AMC Number
5
NPF Asset Management
Industry Dynamics in 2005 – Q2 2011
70
60
48
60
49
48
49
49
50
45
50
38
40
40
30
24
30
57
37
20
49
61
60
58
20
39
10
10
11
0
0
2005
2006
2007
2008
2009
NPF Assets under management, EUR mln*
* At the average official EUR-UAH rate over the proper period
2010
Q1 2011
Q2 2011
AMC Number with NPF
6
Collective Investment Institutions
as of 01.01.2011
Accoring to Ukrainian Fund Classification
NAV, EUR
mln*
Share within
the total NAV
No. of
funds
Open-end (all - diversified) funds
26.6
0.30%
36
Interval (all - diversified) funds
23.2
0.26%
42
725.8
8.12%
167
diversified
111.2
1.24%
9
non-diversified
614.6
6.88%
158
775.6
8.68%
245
Venture funds
8 158.3
91.32%
744
Total (venture funds included)
8 933.9
100.00%
989
Close-end (non-venture) funds including:
Sub-Total (non-venture funds)
Accoring to the European Fund Classification (Open-end & Interval Funds only)
Equity funds**
2.09
4.19%
7
Bond funds
0.26
0.53%
2
47.36
95.09%
0.10
0.19%
1
49.80
100.00%
78
Balanced / Mixed funds (other than equity and bond
funds)
Other (interval funds that don't include any securities)
Total
* At the NBU official EUR-UAH rate of 10.5731 as of 01.01.2011. ** 2 open-end and 5 interval CII. There were 15
more funds (9 open-end and 6 interval) which have equity exposure of 70% to 85%. Their NAV amount to 7.73
EUR mln. Therefore the total NAV of funds with minimum 70% of equities amount to 9.82 EUR mln).
68
7
Non-state Pension Funds
Assets Under Management
as of 01.01.2011
NPF type,
Accoring to
Ukrainian Fund
Classification
Open
NPF Assets
Under
Management,
EUR mln*
Share within the
total NPF Assets
No. of funds
44,90
75,13%
74
Corporate
8,05
13,47%
10
Professional
6,82
11,40%
9
59,77
100,00%
93
Total
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Non-venture CII NAV, EUR
mln
900
842.7
800
700
600.7
597.4
544.6
600
500
371.5
361.3
400
300
200
193.8
203.8
181.6
2007
2008
2009
92.3
66.2
100
4.9
0
2005
2006
Total Non-venture CII NAV
* At the average official EUR-UAH rate over the proper period
2010
Non-venture Public CII NAV
9
Venture CII NAV,
EUR mln
9 000
8 000
7 000
8 406,8
6 000
5 000
5 942,1
5 707,0
2008
2009
4 000
3 000
3 232,6
2 000
1 620,3
1 000
440,0
0
2005
2006
2007
2010
Venture CII NAV, EUR mln*
* At the average official EUR-UAH rate over the proper period
10
Public CII Asset Management
Industry Dynamics
in 2005 – Q2 2011
500
450
400
350
300
250
200
150
100
50
31
.1
2.
31 05
.0
3.
30 06
.0
6.
30 06
.0
9.
31 06
.1
2.
31 06
.0
3.
30 07
.0
6.
30 07
.0
9.
31 07
.1
2.
31 07
.0
3.
30 08
.0
6.
30 08
.0
9.
31 08
.1
2.
31 08
.0
3.
30 09
.0
6.
30 09
.0
9.
31 09
.1
2.
31 09
.0
3.
30 10
.0
6.
30 10
.0
9.
31 10
.1
2.
31 10
.0
3.
30 11
.0
6.
11
0
Public CII Assets under management, EUR mln*
Public CII Assets under management belonging to natural persons, EUR mln*
* At the average official EUR-UAH rate over the proper period
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Investments in Ukrainian CII
by Types of Investors
60%
3,5%
50%
3,0%
50%
3,0%
2,8%
41%
2,5%
2,4%
40%
32%
2,0%
33%
2,0%
30%
28%
27% 1,7%
1,5%
22%
21%
20%
1,0%
10%
7%
10%
8%
0,4%
5%
0%
0,5%
0,0%
2005
2006
2007
2008
2009
2010
Ukrainian Rezident Natural Persons' Share in Non-venture Public CII NAV
Non-residents' Share in Non-venture Public CII NAV
Ukrainian Rezident Natural Persons' Share in total CII AuM
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Ukrainian Rezident Natural Persons’
Investments
In Non-venture
Public CII NAV,
EUR mln
Money on Deposits
to Investments in
Public CII Ratio
Year
On Bank Deposits,
EUR mln*
2005
11 443.3
2.5
4 646
2006
16 892.9
14.1
1 198
2007
23 713.7
64.5
368
2008
27 393.3
54.0
507
2009
19 410.2
74.4
261
2010
25 756.6
102.0
252
* At the average official EUR-UAH rate over the proper period
13
Annual Rates of return of Ukrainian Open-end
CII, bank deposits, PFTS index and CPI
Dynamics in 2006-2010
140%
135,3%
120%
95,8%
100%
90,1%
70,2%
80%
60%
40%
20%
0%
58,4%
41,3%
52,2%
25,2%
28,9%
15,3% 21,2%
15,3%
9,1%
12,8%
17,0%
2007
-6,4%
2008
2006
-20%
35,6%
23,6%
15,9%
2009
-14,6%
20,6%
9,4%
2010
-40%
-52,4%
-74,3%
-60%
-80%
Open-end funds (Minimum)*
Deposits in UAH
Open-end funds (Maximum)*
PFTS Index
-52,2%
CPI
* Calculation of rates of return on open-end funds included: in 2006 - 4 CII data, in 2007 – 7, in 2008 – 13,
in 2009 – 20, in 2010 – 30. Over 2006-2010 the average annual rate of return on open-end funds was
20,2%, CPI - 14,5%, on deposits - 18,3%, PFTS Index - 52,5%.
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CII Assets Allocation
by types of funds
as of 01.01.2011
5,2%
8,7%
8,9%
13,1%
8,3%
21,1%
8,0%
4,9%
24,2%
6,7%
6,3%
2,9%
6,6%
53,9%
56,0%
59,6%
27,4%
15,8%
9,2%
36,7%
2,8%
2,2%
10,3%
Open-end Funds
Equities
State bonds
Other assets
Interval Funds
Close-end Funds
(Non-venture)
Real estate
Corporate bonds
Municipal bonds
Venture Funds
Moneys and bank deposits
Other Securities
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Assets Allocation
by types of NPF
as of 01.01.2011
5,64%
3,78%
5,80%
7,24%
4,94%
43,52%
0,28%
57,48%
97,49%
41,25%
30,34%
2,23%
Open-end Funds
Professional Funds
Moneys and bank deposits
Bank metals
Other Securities
Corporate Funds
Securities
Real estate
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Investment tools available
at stock exchanges
as of 18 Oct. 2011
PTFS
952 securities listed:
• 413 equities;
• 246 securities in 1st and 2nd lists;
• index basket – 20 equities
UX
301 securities listed:
• 185 equities;
• 73 securities in 1st and 2nd lists
• index basket – 15 equities
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Most popular securities by presence in
non-venture CII portfolios
as of 30.06.2011
№
Security type
Issuer's name
Number of
CII holding
the security
1
Internal state loan bonds Cabinet of Ministers of Ukraine
101
2
Equities
OJSC "Azovstal Metallurgical Works"
89
3
Equities
OJSC "DEK Tsentrenergo"
86
4
Equities
OJSC "Motor-Sich"
79
5
Equities
OJSC “Avdiyivsky By-Product Coke Plant”
70
6
Equities
OJSC "Donbasenergo"
66
7
Equities
OJSC "Alchevsky Metallurgical Works"
64
8
Equities
OJSC “Yasynivsky By-Product Coke Plant”
63
9
Equities
OJSC "Poltavsky GZK"
62
OJSC "Kriukivsky Wagon-Building Works”
61
10 Equities
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Privatization of state property has brought into
the State budget more than 11 bln UAH in 2011

The State budget of Ukraine have received 11 bln UAH from privatization of
state property, carried out by the State Property Fund of Ukraine and its regional
offices, over 9 months in 2011.

The most profitable sale was the one of 92.79% shares of JSC "Ukrtelecom"
which has brought 10.58 bln UAH into the Budget. Under the terms of the
contract, the buyer is obliged to invest 450 mln USD dollars into the company
during the next five years.

The rest of more than 400 mln UAH have been raised, in particular, by selling:
•
42.12% shares of JSC "Central Enrichment Plant "Kindrativska" (10.2 mln UAH);
50% of "Ukrainian Institute of Marine Engineering Technology" (0.67 mln UAH);
99.4% of "Feodosia instrument-making plant" (0.49 mln UAH);
100% shares of JSC "test factory "Test" (1.32 mln UAH);
93.08% shares of JSC "Dniprospetsmash" (1.72 mln UAH).
•
•
•
•

18 mln UAH of investments have been attracted into the companies under the
terms of sale agreements.
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The plan of privatization of energy
companies
as of 20/10/2011
№
Energy companies
Date of privatization
Kyivenergo
1
25.11.2011
Zahidenergo
2 Zakarpatyaoblenergo
3
4
Dniproenergo
Donetskoblenergo
Chernivtsyoblenergo
Vinnitsaoblenergo
Ternopiloblenerg
5 Krymenergo
Dniprooblenergo
not agreed with the MFU
Block of shares
27 091 070 shares, 25% of equity.
Starting price 39.20 mln EUR
5 768 977 shares, 45.10% of equity.
Starting price 175.18 mln EUR
62 301 621 shares, 50% of equity.
Starting price 12.24 mln EUR
20.10.2011 meeting of
competition commissions
-
21.10.2011 meeting of
competition commissions
-
preparatory work is
performed
-
-
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Ukrainian Stock Market Problems

Low market liquidity, small free-float

Lack of internal IPO

Slow implementation of the 2nd pillar of the pension system

Weak protection of investors and creditors

Currency system “overregulation”

Low level of potential investors’ stock market awareness
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Changes for the Better

Laws aimed at lowering investors’ risks are adopted

New version of the Law On CII is currently being drafted

Drafts of the Law On Derivatives and the Law On Ukrainian
Depository Receipts have been prepared

SSMSC has finished the Draft of the Law On Raising
Requirements to the Issuers

Tax stimulation of investments
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Tax Code (2011)


Transactions with assets CII under management are NOT object of
taxation
Setting up attractive conditions for CII investors
Tax rate
Assessment basis
Personal
income tax
Corporation
income tax
Investment profit
5%
23% *
Dividends
5%
0 % (residents)
23 % (non-residents)**
* 21% (2012) ; 19%(2013); 16 % (2014 and next years)
** changes at case of the agreement on eliminating the double taxation
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Thank you for your attention
and
Welcome to Ukraine!
Ukrainian Association of Investment Business
Self-regulatory organization
28 Predslavynska Str, off. 304, Kyiv, 03150, Ukraine
Tel./ fax: +38 (044) 5287266; 5287270
e-mail: [email protected]
http://www.uaib.com.ua
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