Inflow of funds into brokerage accounts hits four-year high
In 2025 Q3, the inflow of new funds into the stock market reached a record high since early 2021. Retail investors deposited ₽872 billion in brokerage accounts, which is 52% more than in 2025 Q2. Qualified investors accounted for 75% of this amount.
This demand for stock market instruments was associated with lower deposit rates amid an overall easing of monetary conditions.
The number of customers holding assets increased from 5.1 million to 5.3 million, with beginner investors showing a higher propensity to deposit funds in their accounts immediately after opening them. The segment of customers with a portfolio of more than ₽6 million demonstrated significant growth, expanding three times as fast as the mass segment.
Bonds became the preferred investment instrument, making up 38% of the portfolio, while shares accounted for only 25%. Investors demonstrated demand for long-term fixed-coupon federal government bonds, exporters’ quasi-foreign currency securities, and ruble-denominated corporate bonds.
Fuelled by the inflow of new funds into brokerage accounts and the rising value of debt securities, retail investors’ assets went up from ₽11 trillion to ₽11.8 trillion over the quarter.
More details are available in the Review of Key Indicators of Brokers for 2025 Q3.