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Press Releases / 30.08.2013
Press Release as of 30.08.2013 RONIN Trust CJSC AK&M Rating Agency assigned a 'A++' reliability rating to RONIN Trust as per the national scale, with a stable outlook. The ‘A++' rating indicates that the Company maintains a high level of reliability (the highest rating of the 'A' range), with the lowest risk of a delay in meeting liabilities imaginable. We regard the business expansion, relatively high yield on the portfolio of client funds, and acceptable net worth as positive rating drivers. The Company's rating is additionally backed by its high liquidity, reliability and diversification of investment portfolios. From January 1, 2012 to July 1, 2013, assets under management of RONIN Trust increased by 39% reaching RUB 14.5 billion, the main growth driver (more than 50%) being the Company's strategic business (management of pension reserves and assets (accruals) of non-state pension funds / NPFs). The Company currently manages assets of nine NPFs. The yield on the NPF asset portfolio is fairly high. In 2005-2012, it was ca. 13% p.a. on average, exceeding the key market indicators (including the headline inflation rate), yields on municipal and corporate bonds and interest rates on legal entities' deposits. In 2012, the yield on pension accruals managed by the Company was 10.3%, 70 bps above the average percentage across 20 most successful Russian companies managing pension accruals placed under trust management by the Pension Fund of Russia, for the same period. Therefore, far from safekeeping the client funds, RONIN Trust augments the assets under management, with above-the-average performance. As of June 30, 2013, net worth of RONIN Trust totaled RUB 284 million, more than RUB 200 million above the lower limit set by the regulatory authority for companies managing mutual funds and assets of non-state pension funds. The core of the Company's own capital is its fairly reliable and diversified portfolio of financial investments in debt securities. At the end of Q1 2013, RONIN Trust was ranked among the top 10 companies in the net worth to assets raised ratio. The Company benefits from a strong financial position. As of July 1, 2013, its net worth to assets managed ratio was about 2%. RONIN Trust's liabilities (arising only from accounts payable and contingencies) are looking inconspicuous compared with the Company's liquid assets (absolute and current liquidity ratios as of the same date being 43.2 and 46.5, respectively). We also appreciate the acceptable transparency of RONIN Trust, highly regulated investment and risk management decisions, extensive experience and high professional competence of the top management team. At the same time, the Company's rating is under moderate pressure of a minor net worth reduction (0.7%) in the first half of 2013, given the seasonal changes in revenues of management companies principally focused on operations with retirement assets, and relatively low return on business (ROA, ROE reaching ca. 5% at the end of 2012).
OJSC RONIN Trust has been active in the trust asset management market since 2002. At the end of the first quarter 2013, OJSC RONIN Trust ranked 9thlargest Russian management company in the amount of NPF pension reserves under management, 15th in the amount of NPF pension accruals (as estimated by Investfunds.ru). The company focuses on the trust management of reserves and accruals of non-state pension funds. As of March 31, 2013, the Company managed RUB 13.3 billion in assets, its own assets at the end of H1 2012 reaching RUB 291.5 million, equity capital amounting to RUB 285.3 million. The company's auditor is Baker Tilly Rusaudit LLC (a member of nonprofit partnership Institute of Professional Auditors of Russia (IPAR), an independent member of international network Baker Tilly International).
This press release is based on the statement of assigning a reliability rating to Open joint-stock company RONIN Trust. The reliability rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's reliability and shall not be considered as advice on the purchase / sale of securities, provision of loan facilities or placement of funds to be held in trust. AK&M Rating Agency will not incur any responsibility for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties. AK&M Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010). AK&M Ratings are recognized by the Central Bank of Russia (for providing unsecured lending facilities – Regulation 323-P), Vnesheconombank (for granting subordinated loans) and SME Bank (for its program of lending to SME businesses), RUSNANO (when selecting banks to provide cash and settlement services to project and engineering companies implementing investment projects), the MICEX (for the Corporate Bond Index / MICEX CBI and Municipal Bond Index / MICEX MBI calculation and bond listing purposes). By a resolution of Russia's Government AK&M Ratings count for the recapitalization of banks. Besides, AK&M Rating Agency is recognized by AHML and accredited by SRO National Securities Market Association.
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