Client assets under management reach 35.8 trillion rubles in Q2
Total assets under management across Russian management companies rose 3.3 percent quarter-on-quarter to 35.8 trillion rubles in the second quarter of 2026. Net profit for the sector fell 2.6 percent year-on-year to 25.8 billion rubles in the first half of the year.
Mutual funds drive volume while profits slip
Net inflows into mutual funds rebounded by 1.6 percent quarter-on-quarter to 832.7 billion rubles, driven by open-ended funds where inflows rose 53.3 percent to 192.8 billion rubles.
Closed-end fund inflows dipped 2.9 percent to 440.8 billion rubles, as corporate inflows dropped 51 percent to 160 billion rubles, partially offset by individual closed-end fund inflows tripling to 190 billion rubles.
Management company fees climbed 25 percent year-on-year to 36.6 billion rubles in the second quarter.
However, first-half net profit slipped 2.6 percent to 25.8 billion rubles as higher staff wages and operational outlays outweighed fee gains amid lower trading income.
Corporate expansion offsets retail equity drag
Trust management assets expanded 5 percent quarter-on-quarter to 3.7 trillion rubles, lifted by 197 billion rubles in corporate net contributions, primarily from insurers.
Conversely, retail client assets fell 1 percent to 2.3 trillion rubles due to negative stock market revaluations.
Average individual account balances dropped to 7.3 million rubles, marking the first decline in two years as mass-market clients joined the sector.
Median first-half strategy yields reached 6.2 percent across trust management.
Expanding volumes mask eroding returns
Headline volume growth masks a deepening split between corporate liquidity and retail returns.
Falling equity valuations pushed fund yields negative, leaving managers squeezed by rising wages.
Heavy dependence on bond demand leaves asset managers exposed if rate-cut bets reverse.