Collective investment boom in 2025
The net inflow into unit investment funds (UIFs) surged by more than a third to ₽2.8 trillion in 2025, which is slightly below its all-time high of 2023 when the inflow exceeded ₽2.9 trillion. The inflow in 2025 was still primarily accounted for by closed-end UIFs.
Nevertheless, the year 2025 saw an increase in individuals’ demand for open-end bond UIFs recording the highest growth rate of investment. Additionally, investors demonstrated high demand for money market exchange-traded funds continuing to generate high returns despite the key rate reduction.
The inflow into UIFs and their positive returns were the main drivers of the value of assets of management companies’ clients, which rose by a fourth over 2025, namely to ₽32.6 trillion.
In 2025 Q4, the amount of assets in trust management increased to its highest since these records began in 2017, reaching ₽3.3 trillion. Qualified investors with individual contracts continued replacing non-qualified investors abandoning standard strategies. The total inflow of retail investors’ funds into trust management soared from ₽60 billion in 2024 to ₽172 billion in 2025.
More details are available in the Review of Key Indicators of Management Companies for 2025 Q4.