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Yapı Kredi Asset Management Annual Report 2012
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E. Pension Funds
The department is responsible for the management of Pension Funds
which is under YKAM umbrella. The Funds are operating in almost all local
markets as well as in main foreign markets and the desk has been running
16 pension funds investing in 7 different fund types.
Turkish Pension System is the most promising part of the Turkish
Financial System due to its striking growth and growth prospects. The
Turkish Government announced some initiatives on the system in order
to increase total national savings. According to this new regulation,
government contributing 25% of all participants’ installments, up to a
yearly minimum wage, is effective by January 1, 2013. This makes the
system more attractive than ever.
Active Fund Management
Pension funds are managed in combination of team-based decision
process based on research and analysis with effective risk management.
Pension funds investing in equities heavily utilize delta management
principles. In funds with fixed income instruments denominated in
TL, liquidity issues have to be managed well because of the market
structure. Yield curve analysis, scenario analysis and international market
developments are some of the many variables affecting optimum portfolio
allocation. The Investment Committee makes fixed income decisions by
taking into account the fund’s maturity structure and possible risks in a
rising interest rate environment.
Multi-step research and asset selection process
Prudential macroeconomic analysis involves scenario analysis and
quantitative models. Selections of core portfolio are applied via rigorous
methods to screen out investable assets and alpha creation over medium-
to-long-term. Also the selection of trade portfolio are applied via technical
and quantitative tools to screen out investment opportunities due to
short-term market inconsistencies and beta-plays. In addition, for fixed
income funds, yield curve analysis, real return and spread analysis are used.
Key Performance Indicators
Pension Funds
2012
2011
2010
Number of Funds
16
13
23
Number of Clients (thousand)
361
304
345
Assets under Management (TL mn)
3,469
2,286
2,393
Products and Services
Pension Funds
Murat ÖNER
Head of Pension Funds