The Central Bank of Russia published its Review of Key Indicators of Management Companies for 2025 Q1, showing that management companies experienced a slowdown in growth in the value of clients’ assets. The main drivers were investor outflows from money market exchange-traded unit investment funds (UIFs) after record highs in late 2024, alongside declining investment in closed-end funds. The review notes that investors shifted away from money market funds towards instruments offering greater diversification and with yields expected to rise. Investment in open-end UIFs increased for the first time in 15 months, led by a fund strategy investing not only in the money market but also in government and corporate bonds. UIFs remained the key growth engine in the collective investment market, accounting for nearly three-fourths of the growth in January–March 2025, while representing 64.6% of net asset value.
Central Bank of Russia 2025-06-03
Central Bank of Russia reports slower growth in management companies’ client assets in 2025 Q1 driven by money market fund outflows
The Central Bank of Russia's Q1 2025 review highlights a slowdown in management companies' asset growth due to investor outflows from money market exchange-traded unit investment funds (UIFs) and reduced investment in closed-end funds. Investors are shifting towards diversified instruments with rising yield expectations, increasing investment in open-end UIFs. UIFs drive growth in the collective investment market, comprising nearly three-fourths of growth and 64.6% of net asset value.