From the start of 2026 to August 1, asset management companies investing Kazakhstan's pension savings showed mixed results. Cumulative inflation over this period was 5.6%, and three out of seven managers failed to beat it, according to infohub.kz.
Citizens' pension assets are not just held in the Unified Accumulative Pension Fund (UAPF) but are invested in various financial instruments to generate investment income, protecting them from depreciation due to inflation.
The leader in returns among pension asset managers was Sentras Securities with 9.7%, managing pension savings worth 18.9 billion tenge.
Above the inflation threshold were also Halyk Finance with 6.3% (71.9 billion tenge), BCC Invest with 6.3% (17.7 billion tenge), and Halyk Global Markets with 6.1% (6.7 billion tenge).
The remaining managers posted negative returns: Alatau City Invest – 5.5% (21.7 billion tenge), the National Bank – 4.4% (26.9 trillion tenge), and Tansar Capital – 1.1% (568.2 million tenge).
Tansar Capital has the smallest managed portfolio of pension savings among all managers. The UAPF signed an asset management agreement with the firm only in May 2026.
Tansar Capital, through Tansar Group, is owned by Kazakh financiers with extensive experience in the public sector and capital markets. Among them is Yerzhan Agibayev, who has worked in finance for over 20 years and held senior positions at the National Bank, banks, and asset management companies.
Also among the owners is Yeszhan Birtanov, former Deputy Chairman of the National Bank (2019-2022). He previously headed the Kazakhstan Stock Exchange (KASE) and the National Investment Corporation of the National Bank, and currently serves on the boards of directors of several financial organizations.
The UAPF has previously noted that managers' performance should be evaluated over the long term. Over the 28 years of the accumulative system, investment income totaled 1,109.05% against inflation of 995.04%. Thus, the real growth of savings was 0.35% per year above price increases.