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The Collective Investments Outflow
Public unit funds lost 7.4 billion ruble in May, having suffered the record outflow in all history of the country’s market of collective investments. The sharers have been withdrawing from these funds for the fourth consecutive month, while the managers expect the investors to return to the market, although not to the public unit funds.
The net capital outflow from public unit funds reached 7.4 billion rubles in May, Investfunds.Ru concluded. It was the worst result over all history of collective investment market. The outflow continues for the fourth month in a row, and 14.1 billion ruble was pulled out over the period. Some 9.7 billion ruble flew to the market during the whole 2007. This year, the inflow was recorded only in January, when private investors contributed over 5 billion ruble to such funds.
Lider (Leader; -1.07 billion ruble), Troika Dialog (-916.9 million ruble), Aton Management (-667 million ruble) suffered the heftiest losses. Of interest is that the record outflow posted in May didn’t surprise managers. After the slump in early this year, Russia’s market began to grow in April, reaching the historic indicators in May. “Those investors that were patiently waiting for the market to recover to the previous level, seized an opportunity past month, when the RTS grew by 16 percent, and fixed profit,” explained Vladimir Kirillov, general director at KIT Fortis Investments Asset Management Company.
The money pulled out of the public unit funds will be re-invested in cash or tangible assets, the experts forecast. “Nowadays, the people have no incentives to save due to high inflation,” Troika Dialog Vice President Andrei Zvezdochkin said. Really, according to official statistics, consumer price index soared 1.2 percent May 1 through 26 and increased 7.6 percent from early this year.
www.kommersant.com
All the Article in Russian as of June 02, 2008
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