The Central Bank of Russia published its Review of Key Indicators of Management Companies for 2025 Q4, showing a strong expansion in collective investment and trust management activity during 2025. Net inflows into unit investment funds (UIFs) rose by more than a third to RUB 2.8 trillion, close to the 2023 record level when inflows exceeded RUB 2.9 trillion, while management companies’ client assets increased by about a quarter to RUB 32.6 trillion. Closed-end UIFs continued to account for most inflows, but individuals’ demand for open-end bond UIFs recorded the highest investment growth rate. Investors also showed strong demand for money market exchange-traded funds, which continued to generate high returns despite the key rate reduction. In trust management, assets reached RUB 3.3 trillion in 2025 Q4, the highest level since records began in 2017, with qualified investors using individual contracts increasingly replacing non-qualified investors moving away from standard strategies. Retail inflows into trust management rose to RUB 172 billion in 2025 from RUB 60 billion in 2024.
Central Bank of Russia 2026-03-12
Central Bank of Russia reports RUB 2.8 trillion net inflow into unit investment funds and record trust management assets in 2025
The Central Bank of Russia's Review of Key Indicators for 2025 Q4 highlights significant growth in collective investment and trust management activities. Net inflows into unit investment funds (UIFs) increased by over a third to RUB 2.8 trillion, while management companies' client assets rose by about a quarter to RUB 32.6 trillion. Trust management assets reached a record RUB 3.3 trillion, with retail inflows climbing to RUB 172 billion.