Russian investment managers have reasons to be glum these days. Emerging markets have fallen badly out of fashion with global investors, and Russia has felt the impact. The Moscow Exchange’s MICEX Index has fallen by 7 percent this year and by just over 26 percent since it peaked in April 2011.
然而，这些投资者的情绪相当乐观。俄罗斯20的10家顶级公司中有八家，亚博赞助欧冠’s annual ranking of the largest Russian fund managers, increased assets under management in the year to June 30, 2013, and they are expecting more growth going forward. Most of the leading firms cater to domestic clients guided by a different investment calculus: A private pension industry born 11 years ago is growing rapidly, and managers can offer healthy returns on surprisingly stable local fixed-income markets.
银行存款利率向下航向，使得专业人士提供更具吸引力和推动自2008年市场崩盘以来遭到奄奄一息的共同基金部门的更具吸引力和驾驶适度的投资。整个新的机构投资者，大学和文化禀赋，亚博赞助欧冠has sprung up over the past few years to top up asset managers’ coffers. Some big employers that previously managed their own pension assets, like the Russian diamond monopoly Alrosa, are moving to third-party firms instead. “We are having a very good run,” says Anton Rakhmanov, director of Sberbank Asset Management, an arm of the state-controlled bank. “The business is becoming more institutionalized as smaller players get out of the game.” The firm jumps three places in the Russia 20, to sixth place, thanks to a 48 percent surge in assets, to $3.6 billion.
甚至涉及俄罗斯外国投资者的经理减少频段，由于7号繁荣资本管理，由于一些优惠而且令人沮丧的全球搜索逆向潜力的逆向潜力的逆势。“我们实际上在美国的机构投资者中找到了支持，”繁荣的CEO Mattias W亚博赞助欧冠estman告诉II. “West Coast investors in particular have a lot of experience with smart Russians in the IT industry, so they have moved past the cold war view.”
俄罗斯的资产管理行业于2002年催化，当弗拉基米尔·普京推动了每个公民的养老金储蓄的一半或薪水的6％，向非国有养老基金推动。一个抓住是，如果一名工人没有选择管理公司，默认选项将是由国有开发银行vnesconombank管理的基金。随着时间的推移，根据联邦金融市场服务的说法，约有35％的工作俄罗斯人选择了不适合的俄罗斯制度，将其资产膨胀至约9000亿卢布（270亿美元）。
多少钱是由第三方资产managers according to international norms is more difficult to say. Many big employers encourage their workers to sign up with in-house pension funds. The two top asset managers inII’s ranking are both former subsidiaries of corporate giants: Gazprombank was spun off from natural gas monopolist Gazprom, and TransFinGroup came out of the Russian Railways, or RZD. TKB BNP Paribas Investment Partners, No. 4 on the list, is half owned by the railways and half by the French bank. (The TKB stands for Transkreditbank, a former financial arm of RZD.) VTB Capital Asset Management, which ranks third, and No. 6 Sberbank Asset Management are controlled by the country’s two largest lenders, both of them state owned.
Nonetheless, the asset management business is growing more competitive and professional as governance standards seep through to pension fund clients, managers say. The RZD pension fund now uses ten separate asset management firms, says Konstantin Nemnov, head of fixed income at TKB BNP.
Those asset managers have been producing steady returns thanks largely to a local corporate bond market that is all but untouched by international investors. Ruble-denominated sovereign bonds opened to global capital this year, when they became tradable through the Euroclear system. That had the ironic effect of destabilizing the market as foreign money jumped in and out. “Yields on ten-year OFZs [ruble Treasury bills] have ridden quite a roller coaster from 6.5 to 8.3 percent, then back down to 7.5 percent,” Nemnov notes. “The average yield on corporate blue chips has stayed within 50 basis points, 8 to 8.5 percent.”
Mixing in a few lower-rated companies can tweak those returns considerably. Sberbank’s $385 million fixed-income mutual fund, the Ilya Muromets Bond Fund, yielded 10.4 percent in ruble terms and 8.4 percent in dollars in the 12 months to late August.
本地企业市场的吸引力creasing even as bonds come under pressure elsewhere in the world, says Vladimir Potapov, CEO of VTB Capital Investment Management. He and other managers expect the Central Bank of Russia to cut interest rates to stimulate the economy, which has nearly stopped growing, even though inflation remains stubbornly above 6 percent and the ruble has slipped 8 percent against the dollar this year. Elvira Nabiullina, who took over as CBR chief in June, is known to favor a softer monetary policy than her hawkish predecessor, Sergei Ignatiev. She has said she will cut interest rates once inflation falls within a previously proclaimed 5 to 6 percent corridor; the Economics Ministry has recommended widening this corridor so the bank could ease now.
Potapov说，中央银行还通过向商业银行提供的次数提供给商业银行的贷款来增加流动性。随着经济减速，随着宽松的宽松贷款的需求，这一举措将导致银行降低其存款利率。上个月Sberbank在线提供的最大卢布储蓄率为8％，债券市场承诺的滞后退货。
This arithmetic is reviving some faint signs of life in Russia’s retail investment business, which flourished briefly before 2008 but has lain dormant since. Sberbank, which acquired precrash retail leader Troika Dialog, reports that its mutual fund assets jumped more than 50 percent in the year to June 30, though the total remains modest at $704 million. VTB Capital draws about $300 million of its $5.2 billion in assets from mom-and-pop investors, says Potapov.
Potapov is much more excited about the emergence of endowments, which have sprung up since 2007, when Russia adopted enabling legislation. Well-heeled graduates of colleges like the Higher Economic School and fans of cultural institutions like the Bolshoi Theatre have poured an estimated $750 million into new endowments. Lately, trustees have started turning this money over to asset managers. Potapov says his firm runs more than $250 million in endowment money, and TKB BNP's Nemnov reports his company has jumped from one to four endowment mandates this year. “We are in discussions with a few more,” he adds. “Quite a few wealthy Russians are starting to help their universities.”
Asset managers who cater to foreign investors have long focused on Russian equities, a landscape that looks more challenging at the moment. Prosperity, if nothing else, can reap the benefits of former competitors falling by the wayside. Bill Browder’s Hermitage Capital, once the biggest investor in Russia, became mired in legal conflicts with the Russian government after 2005 and has left the market. New York–based Firebird Management still has a chunk of its $1.5 billion in assets in Russia but is concentrating on opportunities in the Baltic states and Mongolia.
TKB BNP拥有一个大量的国际客户群，以判断超过其51亿美元资产的一半以上的股票。研究总监Gennady Sukhanov表示，该公司在拉丁美洲国家的养老金基金中发现了买家，如智利和秘鲁：“几年前他们经历了自己的过渡，所以他们可以了解我们的市场。”
繁荣的威斯曼表示，他的公司已将其长期股票业务多样化为固定收入或长期基金，但决定反对它。“如果投资者作为俄罗斯复杂的地方，他们希望完全接触股票的上行能力，”他的原因。他要求投资者浏览“你喜欢普京等，专注于公司，如零售商的零售商，迪克西或石油生产商Bashneft - 每年增长20％至30％。“股票的价值最终依赖于提高利润的生产力改进的公司，俄罗斯有很多，”威斯曼断言。•