Asset Management in Russia

2024

The value of assets under the management of the Criminal Code in Russia over the year increased by 25.8% and reached ₽26,3 trillion

The value of assets under the management of Russian management companies in 2024 increased by 25.8% and reached ₽26,3 trillion. This was announced by the Bank of Russia in the "Review of Key Performance Indicators of Management Companies" for the IV quarter of 2024, published on March 7, 2025.

According to Frank Media, already in the first quarter of 2024, a serious growth was recorded - the amount of funds under the management of the management company increased by 10%. At the same time, 81% of this increase was provided by mutual funds (mutual funds). The regulator notes that the growth in the value of net assets of mutual funds occurred both due to the inflow of funds from shareholders, and due to the positive profitability of the funds themselves.

𝓲

Фото: Freepik

The structure of assets under the management of the management company has undergone noticeable changes. By the end of 2024, the share of mutual funds increased to 64.1% of the total. At the same time, the share of pension savings of non-state pension funds (NPFs) decreased to 13.2%, and pension reserves - to 6.8%.

Management company revenues also showed significant growth. The total remuneration of the management company increased by 41.9% compared to 2023 and reached ₽136,1 billion. It is noteworthy that 77% of the total increase in remuneration was accounted for by income from the management of mutual investment funds.

The net profit of management companies in 2024 increased by 6% and amounted to ₽58,9 billion. This was facilitated by an increase in revenue from the provision of services and commission income, which reached 12.8% in annual terms. However, the high growth rates of costs limited the increase in the profit of the management company. In particular, staff costs increased by 22% over the year, and general and administrative costs by a third. This increase in costs reflects both the growth of business volumes and the general acceleration of inflation in the economy.^[1]

The 20 largest management companies in Russia in terms of assets

At the end of 2024, the total assets of management companies in Russia, which published the relevant data, exceeded 10 trillion rubles. At the same time, more and more market participants disclose such information - 43 companies against 29 a year earlier. This is stated in the review of the Expert RA rating agency, published in early March 2025.

𝓲

Фото: Freepik

According to the Kommersant newspaper, referring to the statistics of Expert RA, the volume of assets under the management of companies that disclosed data in 2023 increased by almost 16%. The total assets of market participants who provided data account for 42% of the total industry, which at the end of the third quarter of 2024, according to the Bank of Russia, amounted to 23.9 trillion rubles. The ranking of the 20 largest management companies includes:

1. Alfa-Capital - 1.6 trillion rubles;
2. "VIM Investments" - 1.21 trillion rubles;
3. "TKB Investment Partners" - 974.9 billion rubles;
4. "Progressive Investment Ideas" - 920.2 billion rubles;
5. "Leader" - 574 billion rubles;
6. "Agana" - 442.6 billion rubles;
7. Transfingrup - 442.3 billion rubles;
8. Mercury Capital Trust - 414.5 billion rubles;
9. Promsvyaz - 397.2 billion rubles;
10. April Group of Companies - 325 billion rubles;
11. "Opening" - 322.6 billion rubles;
12. Central Trust Company - 262 billion rubles;
13. RVM Capital - 204.8 billion rubles;
14. "AB Capital" - 201.1 billion rubles;
15. "RSHB Asset Management" - 199.9 billion rubles;
16. Ingosstrakh-Investments - 179.8 billion rubles;
17. "Pig and Partners" - 161.1 billion rubles;
18. T-Capital - 151.5 billion rubles;
19. Asset Management Solutions - 148.1 billion rubles;
20. "Aurum Investment" - 126.4 billion rubles.

As noted by Expert RA, the share of management companies that positively assess the state of the asset management market is 67%. Among the positive factors are the high pace of development of the industry, its ability to launch new products and rapid adaptation to external risks.^[2]

The 10 largest criminal companies in Russia in terms of the amount of funds raised

As of the end of September 2024, the rating of the largest management companies in Russia in terms of the amount of funds raised is headed by VIM Investments with an indicator of about 145 billion rubles. This is stated in the materials of Investfunds, with which TAdviser got acquainted in mid-October 2024.

The rating is calculated on the basis of data provided by management companies of mutual funds (mutual funds) or on the basis of data publicly disclosed on the official websites of the management company. In the published list Criminal Code "First" , approximately 141.4 billion rubles are in second place with the amount of funds raised. Closes the top three "" with Alpha Capital an indicator of 100 billion rubles. In general, ten companies in the ranking jointly attracted about 463.72 billion rubles in the three quarters of 2024. The list is as follows:

The Bank of Russia notes that the value of assets under the management of the management company in the second quarter of 2024 increased by 1.4 billion rubles (or 6.4%) quarterly, amounting to 23.5 trillion rubles. Almost all the growth was ensured by an increase in the value of net assets of mutual funds - due to the rapid net inflow of funds from shareholders and the positive profitability of funds. The growth in revenue for the provision of services and commission income (plus 24% year-on-year), which accounts for the bulk of the management company's revenue, contributed to the growth of the management company's net profit in the first half of 2024 by 1.3% - to 23 billion rubles. At the same time, profit growth was limited by the high rate of increase in the costs of the management company: personnel costs rose by 21% over the year, general and administrative expenses and direct operating expenses - by about a third.^[3]

2023: Growth in the value of assets under the management of the Criminal Code in Russia by 40.7% and up to 20.9 trillion rubles

At the end of 2023, the value of assets under the control of management companies (MC) in Russia reached 20.9 trillion rubles. This is 40.7% more than in the previous year, when the final result was approximately 14.9 trillion rubles. Such data were published by the Bank of Russia on March 7, 2024.

The published report says that by the end of 2023, the bulk of the increase was ensured by an increase in the value of net assets (NAV) of mutual investment funds (UIFs) - due to a record inflow of shareholders' funds and positive returns on funds. A significant amount of funds was provided by closed mutual funds, the shareholders of which are wealthy investors - individuals.

𝓲

Фото: CBR

The popularity of mutual funds among the population in Russia in 2023 increased, despite an increase in deposit rates, which could put pressure on the dynamics of the receipt of funds into funds. The inflow of citizens' money into mutual funds is associated with a change in the structure of demand in favor of real estate funds, attractive during a period of increased market volatility, and money market funds, the profitability of which may be at the level or even higher than deposit rates. At the end of 2023, the average yield of ruble money market funds that have existed since the beginning of the year amounted to 9.6%, which is higher than the weighted average interest rate on deposits of individuals with a period of up to 1 year opened in January 2023 (5.3%).

The study also says that the remuneration of the management company in 2023 increased by 37.1% compared to the previous year, reaching 95.9 billion rubles. At the same time, net profit rose by 44.1% - to 55.6 billion rubles. The trading and investment income of the management company decreased by 1.6% year-on-year, while costs increased: personnel costs rose by a quarter, general and administrative expenses - by 12.5%.^[4]

Overview of Key Performance Indicators of Management Companies

Notes