Fitch Assigns 'a' National Asset Manager Rating to Ata Portfolio Management

Published April 22nd, 2004 - 02:00 GMT

Fitch Ratings has today assigned Ata Portfolio Management (ATA PM) an 'a' National Asset Manager rating for its investment activities based in Turkey.  


The a rating reflects the quality of Ata PM's management team, the transparency of its general investment process, the capacity for innovation and the use of advanced technologies, stated a press release. However, efforts are still needed to reinforce the strategic importance of asset management to the group and improve communication and oversight of market risks.  


Asset management in Turkey took off between 1986 and 1990 with the creation of the Istanbul Stock Exchange, the Capital Market Board, a market supervisor, and the introduction of Undertakings for Collective Investment in Transferable Securities (UCITS). In response, the Kurdoglu Holding, later renamed Ata Holding, a well-known civil engineering and construction company owned by the family of the same name set up a brokerage firm in 1991, Ata Invest, which has since strived to apply best international practices in a market that is still in its infancy.  


Ata Invest initiated asset management by establishing the first equity based mutual fund in 1993. Later in 1994, the introduction of international equity sales and trading, research and corporate finances services resulted in Ata Invest obtaining a full service status.  


In 2000, the group's financial activities were brought together under Ata Finance Group, and Ata Invest has since focused on investment and wealth management services for high net worth individuals. Its other activities were progressively hived off through the creation of three new subsidiaries: Ata Online, Ata PM and Ata Investment Trust.  


Ata PM became the financial management company of the Ata Finance Group in 2001, its mandate being to manage retail mutual funds and to prepare for the development of pension funds following the reform of the country's social security system initiated in late-1999. It is currently Turkey's independent asset management company, with its main rivals all belonging to banking groups.  


At end-2003, Ata PM managed assets totaling €40.6million, equivalent to a 0.5 percent market share. It acts exclusively on behalf of retail customers through two business providers, Ata Invest and Ata Online. Its product range consists of seven UCITS and one investment trust covering all asset classes, with a bias towards fixed-income following the market demand. The majority of the assets are invested in local listed securities. Employing nine staff, Ata PM relies on its shareholder for research, intermediation, internal control and compliance resources. — ( 

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