Alexander Turbanov, general director of the Deposit Insurance Agency (DIA)
Photo: Ilya Pitalev
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Insurance Money to Be Invested Rather Far From Banks
Deposit Insurance Agency (DIA) has announced a tender to manage the money amassed as a result of compulsory insurance of deposits. The tender provisions are much tougher than they were for pension accruals of citizens or mortgage money of the military. No more than around a dozen of companies will bid for between 2 billion rubles and 2.5 billion rubles of the fund. But even that number would be half as much, should DIA chose to take a ruthless standing concerning the affiliated relation of management companies and the banks, which contradicts the terms of the tender.
The board of the Deposit Insurance Agency (DIA) resolved Friday to hold preliminary qualification picking and a tender to find managers for the money amassed because of compulsory insurance of deposits. Potential bidders will receive the proposals before December 26, so that they could bid by January 25, 2006 with the winners chosen before March 1, 2006.
The terms of the tender are clearly severe. To become a bidder, an asset management company should have more than 2 billion rubles under the management and at least 50 million rubles in own means as of October 31, 2005. Moreover, a bidder should have at least five investment funds under control, but no loss or late debt to any budgets or non-budget funds starting from 2003. Other requirements are availability of at least AA-score assigned by NAUFOR and no credit organizations or management companies among the subsidiaries or affiliates. And last but not least, a bidder should have operated for at least four years as of December 1, 2005.
Around a dozen of bidders will take part in the tender, and we “will choose at least three of them,” said Andrey Melnikov, deputy general director at DIA.
At present, 11 companies appear to meet the DIA requirements, including Leader, Management Center, Kapital, Troika Dialog, UralSib, Aton Management, Interfin Capital, Alfa Capital, UFG Invest, Pifagor, PioGlobal Asset Management.
At first, DIA intends to transfer only 10 percent of insurance money to the management companies, i.e. around 1.5 billion rubles. The amount may widen to from 2 billion rubles to 2.5 billion rubles next year, Melnikov said. Successful bidders will get the money in equal shares.
The tricky point is that over a half of potential bidders are related to banks, which is prohibited by tender provisions. “The fact that most of the asset management companies are involved in certain financial groups, where the banks have interest, is quite normal. It would be wrong to pick out only the companies that have nothing to do with the banks at all,” said Alexey Shkrapkin, general director of Kapital Management Co. His words were echoed by Andrey Podoinitsyn, president of the National Managers League. “There are many structures of that kind among the largest management companies, and they are the best qualified ones with the hugest amounts of funds under management,” Podoinitsyn said.
www.kommersant.com
All the Article in Russian as of Dec. 05, 2005
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