Fitch Ratings-Frankfurt/Istanbul/London-08 February 2010: Fitch Ratings has today affirmed Yapi Kredi Portfoy Yonetimi A.S.’s (Yapi Kredi) Istanbul-based investment activities at National Asset Manager Rating (Turkey) ‘M2+(tur)’.
The rating reflects Yapi Kredi’s continued growth in assets under management and profitability, which reached record levels at end-2009. It recognises the organisation’s experience and strong position in the Turkish asset management industry, despite a small decrease of its market share in mutual funds. The rating also reflects staff changes in key management positions during 2009, (including the General Manager) who have been replaced smoothly. Maintaining Yapi Kredi’s growth momentum and product margins in the current low interest-rate environment in the Turkish fixed-income market represents a key challenge for the new team who will continue to drive the company’s further diversification efforts and investor outreach.
The rating benefits from continued efforts in risk-identification and -mapping, and further improvements in investment risk monitoring through its Risk Turk tool for value-at-risk assessment. It has enabled Yapi Kredi to support its absolute return-driven strategies, namely the capital-guaranteed products, and the low-risk hedge fund launched in June 2009.
The rating also recognises the quality of Yapi Kredi’s investment management. The disciplined team-oriented approach, proprietary bottom-up research and established support by the quantitative analytics team all contributed to the company’s sustainable track record and successful management of Turkish capital market changes over the last three years.
Investment administration services, mainly provided by Yapi Kredi Bankasi, remain backed by largely automated procedures and straight-through-processing, including the capacity to administer OTC-options. The rating also takes into account notable improvements in the investment infrastructure based on the proprietary front-end application, Portal, particularly with respect to trading facilities and portfolio analytics.
In accordance with Fitch’s applicable criteria report ‘Reviewing and Rating Asset Managers’, dated 18 June 2009, Yapi Kredi’s ‘M2+(tur)’ rating is based on the following category scores, on a range from 1 to 5, with 1 as the highest possible score:
Company & Staffing: 2.25Risk Management & Controls: 2.00Portfolio Management: 2.00Investment Administration: 2.25Technology: 1.75
Asset manager operations in the ‘M2’ category demonstrate low vulnerability to operational and investment management failure.
Strategically owned by equal partnership between Koc Group and UniCredit, Yapi Kredi is a Turkish investment management company with YTL7.7bn (USD4.8bn) assets under management as of 31 December 2009. The company provides a range of asset management services including mutual funds, discretionary portfolio management for corporate and individual clients, investment advisory, and private pension fund management. It manages traditional asset classes as well as fund-of-funds, capital- guaranteed and alternative funds. The company employed 54 staff as of 31 December 2009, of which 24 are investment professionals.Contacts: Roger Schneider, CIIA, Frankfurt, Tel: +49 69 76 80 76 242; Alastair Sewell, London, +44 207 6286; Turda Ozmen, Istanbul +90 212 279 1065.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Note to editors: Fitch assigns National Asset Manager Ratings to asset management companies operating in countries where, for some rating criteria, a comparison with international standards is less appropriate, or even sometime irrelevant. Such criteria are modified or replaced on the basis of local market-specific practices and/or regulatory differences.
Additional information is available on www.fitchratings.com.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.
Click here to go to Dow Jones NewsPlus, a web front page of today’s most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=1Q2q%2Bk2DglCQti8Hw%2FfNzw%3D%3D. You can use this link on the day this article is published and the following day.
Publié le 08 Février 2010 Copyright © 2010 Dowjones

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PRESS RELEASE: Fitch Affirms Yapi Kredi Portfoy Yonetimi

Fitch Ratings-Frankfurt/Istanbul/London-08 February 2010: Fitch Ratings has today affirmed Yapi Kredi Portfoy Yonetimi A.S.’s (Yapi Kredi) Istanbul-based investment activities at National Asset Manager Rating (Turkey) ‘M2+(tur)’.
The rating reflects Yapi Kredi’s continued growth in assets under management and profitability, which reached record levels at end-2009. It recognises the organisation’s experience and strong position in the Turkish asset management industry, despite a small decrease of its market share in mutual funds. The rating also reflects staff changes in key management positions during 2009, (including the General Manager) who have been replaced smoothly. Maintaining Yapi Kredi’s growth momentum and product margins in the current low interest-rate environment in the Turkish fixed-income market represents a key challenge for the new team who will continue to drive the company’s further diversification efforts and investor outreach.
The rating benefits from continued efforts in risk-identification and -mapping, and further improvements in investment risk monitoring through its Risk Turk tool for value-at-risk assessment. It has enabled Yapi Kredi to support its absolute return-driven strategies, namely the capital-guaranteed products, and the low-risk hedge fund launched in June 2009.
The rating also recognises the quality of Yapi Kredi’s investment management. The disciplined team-oriented approach, proprietary bottom-up research and established support by the quantitative analytics team all contributed to the company’s sustainable track record and successful management of Turkish capital market changes over the last three years.
Investment administration services, mainly provided by Yapi Kredi Bankasi, remain backed by largely automated procedures and straight-through-processing, including the capacity to administer OTC-options. The rating also takes into account notable improvements in the investment infrastructure based on the proprietary front-end application, Portal, particularly with respect to trading facilities and portfolio analytics.
In accordance with Fitch’s applicable criteria report ‘Reviewing and Rating Asset Managers’, dated 18 June 2009, Yapi Kredi’s ‘M2+(tur)’ rating is based on the following category scores, on a range from 1 to 5, with 1 as the highest possible score:
Company & Staffing: 2.25Risk Management & Controls: 2.00Portfolio Management: 2.00Investment Administration: 2.25Technology: 1.75
Asset manager operations in the ‘M2’ category demonstrate low vulnerability to operational and investment management failure.
Strategically owned by equal partnership between Koc Group and UniCredit, Yapi Kredi is a Turkish investment management company with YTL7.7bn (USD4.8bn) assets under management as of 31 December 2009. The company provides a range of asset management services including mutual funds, discretionary portfolio management for corporate and individual clients, investment advisory, and private pension fund management. It manages traditional asset classes as well as fund-of-funds, capital- guaranteed and alternative funds. The company employed 54 staff as of 31 December 2009, of which 24 are investment professionals.Contacts: Roger Schneider, CIIA, Frankfurt, Tel: +49 69 76 80 76 242; Alastair Sewell, London, +44 207 6286; Turda Ozmen, Istanbul +90 212 279 1065.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Note to editors: Fitch assigns National Asset Manager Ratings to asset management companies operating in countries where, for some rating criteria, a comparison with international standards is less appropriate, or even sometime irrelevant. Such criteria are modified or replaced on the basis of local market-specific practices and/or regulatory differences.
Additional information is available on www.fitchratings.com.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.
Click here to go to Dow Jones NewsPlus, a web front page of today’s most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=1Q2q%2Bk2DglCQti8Hw%2FfNzw%3D%3D. You can use this link on the day this article is published and the following day.
Publié le 08 Février 2010 Copyright © 2010 Dowjones

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