MUTUAL FUNDS STILL NEED TO BE POPULARIZED AMONG POPULATION AND PRIVATE BUSINESSES IN KAZAKHSTAN - EXPERT
Almaty. May 4. Interfax-Kazakhstan - Mutual funds are not very popular in Kazakhstan as few people and private businesses know about collective investments, said Damir Seisebayev, the managing director of JSC ORKEN Invest.
"We need to stimulate demand for the services offered by the investment management companies, including liberalization of the stock market, which will give these companies more freedom in managing the mutual funds," he told Interfax-Kazakhstan.
The expert has said that collective investments do not contribute to the economic growth of Kazakhstan. Besides, the market does not benefit from the growing real income of the population.
According to the Financial Supervision Committee, there were 148 mutual funds operating in Kazakhstan as at April 1 compared with 156 a year earlier. The number of individual investors was 1366 and 2028 people respectively.
As at April 1 this year the assets of mutual funds totaled 462.265 billion tenge in value. The assets of the open-end mutual funds shrank to 590 million tenge as at April 1, 2012 from 793 million tenge as at April 1, 2011. The assets of the interval mutual funds fell to 1.504 billion tenge from 1.880 billion tenge respectively.