From June 2015, the number of customers who opened accounts individual trust management (DU), rose 82%, to 25.7 thousand. For the year to trust your money management companies decided 12 thousand wealthy citizens. This influx of wealthy clients were not even in pre-crisis years, according to the market survey, prepared by the Agency RAEX (Expert RA). “The number of our clients to GO for the year increased 2.7 times,” — said General Director UK “the alpha-the Capital” Irina Krivosheeva.
Investor activity has significantly affected the amount of funds held in trust (IMU). On July 1, 2016, the 15 largest privately owned UK focused more 231,52 billion rubles, while a year earlier under their control, it was 146 billion rubles. the Most notable increase of funds in individual trust management (72.5 billion roubles) was observed in the second half of 2015. In General, the amount of funds in retail from mid-2015 increased from 97.2 billion to 120 billion rubles.
At the end of the first half of 2016, the total assets that were managed by private UK, was estimated at 5.3 trillion rubles For the first six months of the year, the aggregate portfolio of managers increased by 2%. The main growth market provided the inflow of funds from NPF and PF. In the framework of transition campaign for 2015 in UK received 130 billion rubles.
The growth in funds to GO retail in RAEX control associated with a drop in interest rates on Bank deposits. Most notably, the yield of deposits declined in the first half of 2015. According to the Bank of Russia, the maximum rate on deposits in top-10 largest banks, during this time declined by more than 4 percentage points to 11.04% per annum. In the second half of last year, rates dropped not so dramatically, dropping by early 2016 to 9.99% per annum. This year the decline continued, they fell to 8.74 percent, the lowest level since the end of may 2014. “Most of the contributions have the urgency to year, so when the second half of 2015, the citizens began to run, the terms of contracts, they took the money in the UK,” says managing Director RAEX Pavel Mitrofanov.
The increase in the number of customers in the UK occurred at the expense of those who kept funds in foreign currency. In the past year, said Krivosheeva, the yield of deposits in foreign currency fell from a comfortable 4-5% per annum to 1.25-1.5%, and this has stimulated the inflow of funds in trust. “Basically, customers have selected a conservative strategy, for example, buying Eurobonds”, — she told. According to the Manager, even using ruble-denominated instruments, investors could get a yield much higher than a Bank. For example, opening an individual investment account (IIA), which provides for a tax deduction, and just buying in OFZ portfolio. “We have seen that open IIS came with their families,” said Krivosheev.
According to the Moscow exchange, the number of individual accounts from June 2015 increased almost five times. On August 22, 2016 the citizens opened more than 141,1 thousand IMS. The volume of transactions within individual accounts on the stock exchange since the beginning of the year stood at 88.9 billion rubles, 95% of the transactions had on stock, reported the press service of the Moscow exchange.
In addition, as noted in RAEX, in shifting attention of wealthy Russians with banking services on the trust management service can be affected by regular reviews of licenses of credit organizations with the Bank of Russia. In 2015, the market lost 93 Bank that became an absolute record. This year, according to the beginning of August, have lost their licenses for 56 banks.
Services of trust management, mainly used by relatively wealthy citizens. The average bill of customers ARE may be 40 million rubles, and threshold — from 10 million rubles, said Krivosheev. “There are clients with more significant assets to $120-150 million,” she says. This category of investors most at risk, giving their savings to the Bank because the government, in case of bankruptcy of credit institutions, is ready to compensate the amount of 1.4 million rubles.
“As a rule, many wealthy clients tend to choose banks with higher rates on deposits, so when they see what is happening in the market as massively their licenses revoked, people lose their money, they are trying to make money on the stock market, give the money in trust,” adds Mitrofanov. He noted that unlike the mutual Funds are stock market instruments, account Manager GO can perform more risky operations, earning additional income through derivatives, currency, and structural tools.
The growth of the market of trust management, the participants associated with the deoffshorisation law business, which came into force from July 2015. Managers say this year the influx of clients who transferred their funds into the Russian jurisdiction, guiding them on account GOING. Krivosheev believes, has worked for Amnesty of capital, which the government extended until July. “Business figured out how it works, and we see that among our new customers, many of those who have closed an offshore business or transferred the money from the accounts in Western banks,” she said.
According to forecasts, “the alpha-the capital” the market of individual trust management in 2016 could grow by another 25%. In MC “Raiffeisen Capital” also this year, expect more vigorous growth to 30%. “Until we see banks continue to reduce the yield of deposits is the main factor stimulating the inflow of funds into the UK from wealthy citizens”, — says CEO Raiffeisen Capital “Vladimir Solovev.
However, in the future, the inflow of wealthy clients in the UK may once again slow down, since, as previously reported , the plans of the Bank of Russia to introduce new classification rules investors. In June, the regulator proposed to change the criteria for the assignment personal status as a qualified investor, entering in addition to the requirements for the minimum size of means of the citizen and even the presence of his experience in the financial market. Status as a qualified investor gives the right to invest in closed-end funds, the securities of foreign companies to make deals with risk tools.
“The average score from our customers served under GO is 5.5-6 million rubles,” — said Vladimir Solovyov. Therefore, according to him, there is a risk that some investors will not be able to comply with the new criteria. However, 60% of respondents RAEX managers believe that innovation will have a weak influence on the market, as the status of a qualified investor you can get with no experience on the market — enough to have savings of more than 12 million rubles and an annual income of 4 million rbl. the Part of the participants believe that the stricter requirements of the Central Bank may reduce the customer base for the more adventurous, but the margin of operations.