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Yapı Kredi Asset Management Annual Report 2012
17
Dear Clients and Shareholders,
Turkey’s GDP could grow by just 2.2% in 2012, representing a dramatic
decrease compared to a 9.2% growth in 2010 and an 8.8% growth in 2011.
Consumption also slowed down across the country. Household
consumption fell by around 0.5% in 2012. These, however, did not create
significant risks for the Turkish economy as a whole. High foreign demand
compensated the negativities in domestic economic environment. The
economy overcame this critical period by soft landing.
The Consumer Price Index decreased to 6.2% in 2012 from around 11% in
2011. This fall was mainly resulted from two factors: First of all, domestic
demand slowed down due to the pressure on commodity prices in the
global markets. Secondly, Turkey’s Central Bank played a fairly active role in
balancing inflation rates domestically, as parallel to its monetary policies in
effect.
Robustness and strengths of Yapı Kredi Asset Management was once again
confirmed by Fitch Ratings, which reaffirmed our company’s M2+(Tur) in
March 2012. Being the highest rated Turkish asset management company,
Yapı Kredi Asset Management will continue to make business with the
highest professional way. Furthermore, our company shows the highest
performance to be integrated into Luxembourg SICAV structure. Besides
of these news, Yapı Kredi Asset Management continued to the works on
development of risk measurement tools and technologies which are using
for investment management throughout 2012, increased the performance
and automatized the processes concerned to Risk Management and
Regulatory Compliance.
Self-discipline is a must for Yapı Kredi Asset Management. Our company
always follows a series of principles to be able to meet its targets as follows:
“To be strong in asset management, to have proven internal control
systems, to reinforce robust technological assets, to offer a very well-
established costumer relations management, and to maintain a broad
range of products and services.”
The company continued to create new opportunities to increase its
performance in offering its products for a series of different instruments,
including mutual funds, pension funds, hedge funds and discretionary
portfolios and portfolio advisory in 2012. It also aimed to expand its
customer base by launching new products and services and by creating
new distribution channels. All assets under our management, including
mutual funds, pension funds, hedge funds and discretionary portfolios
had totaled TL 9.6 billion ($ 5.4 billion) by the end of 2012. These figures
showed the total of assets under management increased by 18% in 2012
from the year earlier. 7% increase was seen in the amount mutual funds
under management and 51% in pension funds. We had reached some
17.6% of market share by the end of 2012. We ranked second in the Turkish
mutual funds market with a portfolio size of 5.3 billion Turkish Liras ($3
billion), and third in the pension funds market with a portfolio size of 3.2
billion Turkish Liras ($2 billion).
Yapı Kredi Asset Management achieved to maintain its financial strength
by creating 41.6 million Turkish Liras ($23.3 million) in total revenue and
23.7 million Turkish Liras ($13.3 million) in net profits in 2012.
As we see clearly, Turkish economy has been living floating period recently
like other economies in the world. World markets have been changing
daily, even hourly. Among these fast-changeable parametric processes,
the professional and well-timed policies are more important than ever. At
this point, Turkey has been getting over this situation with the power of its
active and expert Central Bank.
Also Yapı Kredi Asset Management always aims to be a flexible company
against these fast- changed economic conditions. Company has
been observing up and down changes with short time periods to be
prepared all economic possibilities. So we could say mind at peace that
our customers could continue to trust us on every condition. Our deep
experience and practices always stand by them for their profits.
Finally, I would like to express my thankfulness to all Yapı Kredi Asset
Management staff from the top to bottom. We owe this strong structure to
them. Thanks for all their support and effort for this unshakeable stability.
Sincerely,
Gülsevin Yılmaz
CEO and Member of
the Board of Directors
Ceo’s Message
All assets under our management, including mutual funds, pension funds, hedge funds and
discretionary portfolios had totalled TL 9.6 billion ($ 5.4 billion) by the end of 2012.
USD
5.4
billion
asset under
management
by year end 2012
TL
23.7
million
net profit in 2012