asset management business growth in russia: aton-management experience

Asset Management Business Growthin Russia: Aton-Management Experience

2www.am-aton.ru

Aton-Management

Russian Economy

Content

Asset Management in Russia

III

II

I

I II III

Russian Еconomy

4www.am-aton.ru I II III

1998 1999 2000 2001 2002 2003 2004 2005 2006

Gross Domestic Product

$bn Growth of GDP (YoY,%)

0

400

800

1200

-5

0

5

10

15

6,7

5www.am-aton.ru I II III

9M20071998 1999 2000 2001 2002 2003 2004 2005 2006

Consumer Price Index (YoY, %)

84

37

20 19 15 12 12 11 10 88

6www.am-aton.ru I II III

1998

Surplus / Deficit of Federal Budget

-20

0

40

60

80

20 2

4

6

8

0

1999 2000 2001 2002 2003 2004 2005 2006

GDP %$bn8x growth

7www.am-aton.ru I II III

Gold and Hard Currency Reserves

$bn GDP %

0

200

300

400

500

100

0

12

18

24

30

6

1998 1999 2000 2001 2002 2003 2004 2005 2006 9M2007

8x growth

8www.am-aton.ru I II III

1998 1999 2000 2001 2002 2003 2004

Net Capital Export / Importby Private Sector

-30

-15

15

30

45

0 0

6

12

18GDP %$bn

2005 2006

9www.am-aton.ru I II III

Total Bank Capital

1998 1999 2000 2001 2002 2003 2004 2005 20060

2

4

6

8

0

20

40

60

80$bn GDP %

2,2x growth

I II III

Asset Management in Russia

11www.am-aton.ru I II III

Stock Index Comparisonfor Emerging Markets (YoY yield, %)

8371

8

3841

28

-8130

108

283336

2912

20TA100

BVSP

BSE100

RTS

SSEC

9M200720062005

Israel

Brazil

China

India

Russia

12www.am-aton.ru I II III

Net Assets of Mutual Fundsper Capita (end of 2006, $)

40

52

2 242

3 863

5 216

20 303

34 745

Russia

India

Brazil

Israel

Korea

Euro-zone

United States

13www.am-aton.ru I II III

Open-End Funds(net assets, $bn)

2003 2004 2005 2006 20070

2

6

414x growth

14www.am-aton.ru I II III

Closed-End Funds(net assets, $bn)

2003 2004 2005 2006 20070

3

6

9

12

9,5

15www.am-aton.ru I II III

RF Pension Fund Assets under Management of External Companies (net assets, $bn)

2003 2004 2005 2006 20070

3

6

9

12

Assets Growth 65%

16www.am-aton.ru I II III

Assets of Non-federal Pension Funds(net assets, $bn)

2003 2004 2005 20060

6

12

18Assets Growth 60%

I II III

Aton-Management

18www.am-aton.ru I II III

Key Сlients

Federal Pension Fund

Moscow City Government

Russian Federation Ministry of Defense

Deposit Insurance Agency

19www.am-aton.ru I II III

Total Value of Assets Managed by AM: $557m

Non-federalpension fundreserves

Mutual funds

19%

57%

Trust funds

16%

Proprietaryand other funds

8%

20www.am-aton.ru I II III

0

200

600

400

Total Value of Assets Managedby AM ($m)

2000 2001 2002 2003 2004 2005 2006 2007

21www.am-aton.ru I II III

Total Assets of Aton-Management’s Open-End Mutual Funds ($m)

0

30

90

60

7/05 1/06 7/06 1/07 7/071/05

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I ′04 I ′05 III ′05 I ′06 III ′06 I ′07III ′04

Growth of Total AUM, %

Aton-Management Troika DialogUralsib

0

20

40

60

100

80

23www.am-aton.ru I II III

Yields of Open-End Mutual EquitiesFunds, % (base 01/01/06)

RTSRaiffeisen Capital

Aton-Management Troika DialogUralsib UFG Asset Management

0

20

40

60

100

80

3/06 5/06 9/06 11/06 1/07 5/07 9/077/061/06 3/07 7/07

Renaissance

24www.am-aton.ru I II III

3/06 5/06 9/06 11/06 1/07 5/07 9/077/061/06 3/07 7/07

Yields of Open-End Mutual Balanced Funds, % (base 01/01/06)

0

10

20

30

50

40Raiffeisen Capital

Aton-Management Troika DialogUralsib UFG Asset Management

Renaissance