Mutual funds in Russia evidently failed to meet expectations of top managers in September; roughly 1.8 billion rubles flew out of them past month, manifesting one of the poorest results of the recent two years.
Photo: Alexander Miridonov
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Mutual Funds Suffer Losses
Mutual funds in Russia evidently failed to meet expectations of managers in September; roughly 1.8 billion rubles flew out of them past month, manifesting one of the poorest results in the recent two years. Private investors preferred to fix minimal profits on apprehension of the market decline.
The red ink that the mutual funds posted in September could be blamed on major withdrawal of money by top clients. Pyotr Stolypin Fund, for instance, lost over 600 million rubles and over 390 million rubles flew out of RIGroup - Unity Fund. According to Igor Ryabov from OFG Invest, quite a number of big investors have recently withdrawn money from Pyotr Stolypin. “Without it, the fund wouldn’t have posted the negative result,” Ryabov pointed out.
But other big asset management companies, including Troika Dialog, lost some retail clients as well. “With the funds’ aggregate assets exceeding $1.3 billion, the withdrawal of clients is still minimal,” said Troika Dialog Asset Management Co. Vice President Andrey Zvezdochkin.
Another trend of September is the relatively equal outflow of money. In the previous months, the money tended to move from the stock funds to the bond ones. Past month, however, all basic categories of funds suffered the outflow of relatively equal extent. Stock funds lost 680 million rubles, bond funds were stripped of 850 million rubles and mixed investment funds narrowed by 480 million rubles.
Russia’s stock market stepped up in September with the stock indices nearing historical maximum. “According to this year’s statistics, some clients fix profits and pull out of money at such moments,” Zvezdochkin explained.
www.kommersant.com
All the Article in Russian as of Oct. 02, 2007
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