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SOFAZ refuses services of one of foreign managers

19 April 2013 09:21 (UTC +04:00)

According to APA-Economics, “Ernst & Young Holdings (CIS) B.V.” company’s audit report in 2012 says that AZN 11,006.880 mln (or 45.62%) of Fund’s AZN 24,127.399 mln-assets were in the securities of foreign countries, AZN 6,865.143 mln (or 28.45%) – in corporate debt securities, AZN 5,719.139 mln (23.7%) - in the securities of financial institutions, AZN 520.389 mln (2.16%) – in capital securities, AZN 9.460 mln (0.04%) – in “Standard & Poor’s Depository Receipt (SPDR) Trust”, AZN 6.388 mln (0.03%) – in the securities of the US agencies.

The report says as of December 31, 2012, the Fund saved AZN 780,983,000 ($994,882,000), as well as cashes and cash equivalents in accordance with the agreements with the financial organizations (foreign managers) on management of assets. In 2012, the management fee was AZN 795,000. Fund’s managers in 2012 were “Deutsche Bank AG”, “Credit Suisse”, “International Bank for Reconstruction and Development (Group of World Bank)”, “State Street Global Advisors (SSGA)” and UBS. All securities were saved in Bank of New York Mellon.

By the way, one of the foreign managers - Credit Suisse has stopped the managing services for SOFAZ since February 28, 2013.