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Main article: Stock market of Russia
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2024: The volume of money market funds in Russia for the first time exceeded ₽1 trillion
The value of net assets of money market funds in Russia reached ₽1,05 trillion, which is 55.15% of the total volume of mutual investment funds for unqualified investors. TAdviser got acquainted with such data in January 2025.
According to RBC, these funds send funds to highly liquid short-term financial instruments, including repo transactions and bonds with a maturity of up to one year, providing investors with the opportunity to participate through the acquisition of shares.
According to InvestFunds, in December 2024, net inflows to money market funds amounted to ₽228,7 billion, which was a historic high. The total inflow in 2024 reached ₽756,3 billion.
The largest is the Liquidity fund under the management of VIM Investments with assets of ₽314,8 billion. It is followed by Savings from the First Management Company with ₽214,16 billion and Alfa-Capital Money Market with ₽150,4 billion.
Managing Director of the Moscow Exchange Vladimir Krekoten said that by the end of November 2024, shares of money market funds had acquired 1.2 million people, and the average daily trading volume reached ₽12 billion.
Andrey Stratichuk, an analyst of financial markets at Gazprombank Investments, noted the impact on the inflow of funds from traditional December bonus payments to company employees.
Maxim Bykovets, Director for the Development of Sales of Welfare Products at PSB, emphasized the attractiveness of these instruments with a yield of 18-19% per annum during the New Year holidays.
Stock and bond funds in December 2024 showed an outflow of funds of ₽308 million and ₽8,7 billion, respectively. The value of net assets of equity funds for the year decreased from ₽323,8 billion to ₽298,9 billion, and bond funds increased from ₽236,6 billion to ₽270,1 billion.
There are 20 cash funds registered on the Russian market. Experts predict that interest in this instrument will remain in the first quarter of 2025 against the backdrop of a high key rate of the Central Bank of Russia.[1]
2023: Growth of assets of mutual funds by 61.8%
By the end of December 2023, the number of mutual investment funds (PIF) in Russia amounted to 2645, the number of management companies (licensed) - 282. The Bank of Russia presented such data in its report published in March 2024.
According to the statistics of the regulator, in 2023 the collective investment market showed a significant increase in key indicators. The total value of net assets (NAV) of mutual funds at the end of 2023 amounted to 12.4 trillion rubles, which is 61.8% more than a year earlier.
The total net inflow of funds to mutual funds in 2023 amounted to 2.9 trillion rubles, the main inflow was provided by closed-end investment funds (+ 2.6 trillion rubles).
The largest type of mutual fund in terms of assets remained closed funds for qualified investors, which are focused on working with legal entities and large private investors. By the end of December 2023, the NAV of these funds amounted to 10.5 trillion rubles, showing an increase of 63.3% year-on-year and reaching 84.6% of the total NAV of mutual funds.
Other types of funds in 2023 also showed an increase in NAV for the year, including open-ended funds aimed at retail investors (+ 33.0%) and exchange-traded funds (+ 151.1%).
At the end of 2023, the total number of mutual fund investors amounted to 12 million persons (+ 29.3% by 2023). At the same time, the largest number of investors in 2023 was still concentrated in exchange-traded mutual funds and at the end of 2023 amounted to 7.7 million persons, or 64.3% of the total number of owners of investment units of mutual funds.
The Central Bank report notes that in 2023 the regulator implemented an approach regarding the resumption of operations with investment units of mutual funds, in whose portfolios there are blocked assets. All funds that fell under the requirement in terms of working with blocked assets of mutual funds changed the type of fund to closed or allocated blocked assets to a separate special closed-end investment fund.
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