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Private managers in Kazakhstan could receive 20–30% of pension assets by 2030. The National Bank plans to allocate some funds through a competitive selection process, while retaining control over investment policy and risk management at the first stage. The Kazakhstan Association of Minority Shareholders, QAMS, reported this, citing the Capital Market Development Programme for 2026–2030 (kursiv.media).
What happened
The proposed model gives private investment portfolio managers (IPMs) a bigger role. Pension savers can already choose these companies to manage part of their savings. Under the new scheme, the National Bank would also be able to transfer pension assets it manages to these firms.
Companies would receive funds through a competitive selection process. Each would be given an investment mandate setting out the terms for managing the assets entrusted to it. raem.kz previously explained what would change for pension savers in more detail.
What this means
The balance of pension fund management could shift considerably. According to the Unified Accumulative Pension Fund (UAPF), as of 1 October 2026, the National Bank managed 99.24% of the fund’s assets, while private companies managed 0.76%. IPMs managed just over 206 billion tenge.
There’s an important detail here: 20–30% is the planned share by 2030. The actual amount will depend on the rules for selecting companies and how the programme is carried out. At the first stage, the National Bank will retain control over investment policy decisions and risk management.
How managers will be assessed
Private companies could initially be entrusted with portfolios of government securities. The plan is to broaden the range later to include corporate bonds, shares in Kazakhstani companies and other assets.
Performance will be measured against benchmarks, which serve as reference points for returns. Compliance with management terms and risk limits will also be checked. If a company performs poorly, the assets allocated to it could be reduced or transferred to another manager. Returns on pension savings also matter when comparing existing managers.
When testing will begin
There are plans to draw up common rules for selecting companies, management terms and return benchmarks in 2027. Procedures for working with several managers are also due to be defined that year.
Testing in a regulatory sandbox, a special framework for trying out the new mechanism, is scheduled for 2027–2028. After that, the plan is to gradually increase the volume of assets transferred, the number of managers and the range of investment strategies.
