Published on: 2026-08-31
Source: Central Bank of Russia – Central Bank of Russia –
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More than 80% of the growth in net asset value was provided by mutual investment funds (MIFs), with another 16% coming from funds under trust management agreements.
After a decline in the first quarter, the net inflow of funds into mutual funds increased by 1.6%, reaching 832.7 billion rubles, mainly due to open-end funds. Investors most often chose strategies focused on investments in debt securities and money market instruments. Shareholders’ interest in bond funds was highest at the beginning and middle of the quarter, when investors expected further easing of monetary conditions. However, after the market revised its expectations regarding the trajectory of the key interest rate in June, inflows into open mutual funds sharply decreased.
In closed-end mutual funds — the traditional leaders of the collective investment market — net inflows of funds decreased by 2.9% compared to the high value of the previous quarter. This is due to net inflows to corporate closed-end mutual funds halving in April–June and falling by 4% in mass-market funds. At the same time, there was a significant increase in investments in individual closed-end mutual funds.
The retail trust management segment mainly grew due to non-qualified clients with assets ranging from 10 thousand to 100 thousand rubles (+2.8 thousand individuals). Qualified investors are no longer the drivers of this market. Large players attract clients with products available through mobile applications and agency networks. The volume of assets in trust management increased by 5% over the quarter, reaching 3.7 trillion rubles.
Read more at “Review of Key Performance Indicators of Management Companies for Q2 2026”.
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