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08.06.2010
Credit-Rating Determines Most Transparent Ukrainian Asset Management Companies
Credit-Rating has today announced results of its research of transparency of Ukrainian asset management companies. ‘We set an objective – to determine level of transparency of Ukraine’s market of investments and to mark out three most transparent asset management companies’ – said Dilyara Mustafayeva, a Credit-Rating Director for Department of Methodology Development and Prospective Researches.
The research captured all asset management companies (AMC) that manage existing open diversified investment funds (MEODIF). According to Ukrainian Association of Investment Business the total figure of such entities numbers at 23. The research was performed exclusively on the basis of information available in the websites of the asset management companies as at May 1, 2010.
According to the results of the survey performed the leader is KINTO company, which scored 33 of 91 possible (the level of disclosure was 36.3%) followed by Raiffeisen Aval AMC (2nd) and Dragon Asset Management (3rd).
The criteria for assessment of transparency were selected with consideration to international standards of information disclosure. The analysis was performed by two principal segments: disclosure by AMC and disclosure by all MEODIF managed by this company. During the analysis we considered quality of general information on AMC and MEODIF, information on their top management and supervisory boards, completeness of information on their related parties and partners in cooperation by MEODIF certificates. We also considered availability of financial statements of AMC and MEODIF, data on the structure and value of assets and liabilities, figures of expenditures and incomes. Besides, we paid attention to availability of information on risk management: publications of procedures and standards of risk management, level of risks of certain MEODIF, level of provisions of certain AMCs, information regarding ratings assigned to AMCs and MEODIFs.
Depending on the quality of information disclosure by the factors analyzed and importance of certain aspects for assessment of safety of investing in MEODIF, the companies were assigned certain amount of scores (from 0 to 6). The total amount of scores achieved by the company determined its place in transparency ranking.
The survey has shown that transparency of market of asset management services remains low. The majority of companies disclose information strictly in the volumes required by legislation. Even leaders of the ranking the disclosure does not exceed 40%, with the average being at 20%.
The improvement of transparency is a must condition for recovery and reinforcement of the financial market, thus Credit-Rating will further research transparency of AMC and MEODIF and publish results of the surveys.
The awarding ceremony will take place during 24th conference of Ukrainian Association of Investment Business on June 11th in Yalta.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
