Mutual funds in anticipation of the boom

From the beginning of 2011 the operating companies have lost a fair chunk of bread in the December State Duma passed a law requiring CC to pay property tax FTRA. Until that time, mutual funds are a convenient form of packaging assets: VAT is paid only on transactions with their property, and investors pay income tax only when you exit the fund. One of the most famous examples of this format was the property fund "Continental" with assets exceeding $ 3 billion - before the crisis there was a large part of the state of Elena Baturina. Retail mutual fund market and the problem is not touched - securities in the funds, as before, are not taxed. The basis of the market "packaging" of mutual funds amounted to real estate, and that is it was hit. Through this loophole managers have an excellent opportunity to generate additional revenue: although the management fee "packing" the funds were minor, but constant and guaranteed. The amount of net assets of all mutual funds at the end of 2010, according to "Expert RA", was 800 billion rubles-lei - nearly 40% of the total assets under management of the Criminal Code, although it was estimated earlier quarter to 574 billion rubles. Most have become "problem" is one of the foundations of mutual funds for qualified investors, for which information was not disclosed. However, public data allow us to estimate the scale of the market, the loss of control which the deputies were sentenced: according investfunds.ru, at the end of 2010 on real estate funds and mutual funds have to rent 240 billion rubles from 336 billion rubles of "unskilled" market FTRA. If this relation is true for mutual funds and qualified investors whose assets are valued "Expert RA" to 370 billion rubles, for the control in question turned out to pay for asset management is about 0.5 trillion rubles or more. This is not the first blow to the industry: in the third quarter due to changes in the Town Planning Code controls have lost access to the compensation fund self-regulatory organizations (SROs) in the first building. Attempts to attract new investors by extending the offer until no results. Although managers in 2009 were allowed to create a number of new types of funds, previously absent in the market to influence the picture of the market it could not. For example, total assets of the fund of art treasures at the moment are only 133 million rubles. Moreover, these same changes in regulation rather seriously curtailed the possibility of moving services managers: it was then that a number of mutual funds, including new categories have been translated into the category of "funds for qualified investors", in other words, the disclosure of any information on their activities were banned. Thus, there may be a potential investor and would have cost to make money in this fund, but this solution is justified, he can learn only after they have received the status of "qualified", that is to hold a sufficient number of transactions in the stock market, Declare assets sufficient, or will have experience in the financial institution. Prior to that, he will only have to guess whether or not a game worth the candle. The crisis is still with us. Is still relevant packaging assets in closed-end funds related to deferred income taxes. In addition, management is still hope for the retail mutual funds. This activity requires large expenditures associated with the operation of retail offices, but it differs sufficiently high commission, often exceeding the level of remuneration received in trust, and even more so when "repackaging" of assets. Already in the first half of 2009, some market participants are betting that the next year the number of participants in the collective investment market will double. These expectations are primarily associated with falling interest rates on deposits because of excess liquidity. It is also assumed that customers will have more confidence in the survivors of the crisis of the Criminal Code, and at the same time it will be clear what specific risks are expected to invest in the event of another crisis. Now compared to the amount of 46 billion rubles-lei, to which market mutual funds fell open by January 2009, there is positive dynamics: with the exception of just one or two months, the market rose steadily, concentrating in March 102 200 000 000 rubles. However, this figure still looked rather pale against the background of the pre-crisis 125.3 billion rubles-lei before the Governors in May 2008. The main problem is that, for example, the MICEX index over the same period increased by 2.85 times, while the retail mutual fund assets - only 2.22 times. If it is assumed that managers have worked "neutral" and the average return on the market was found to yield a passive management, it turns out that this time they lost in terms of money-fifth of customers. In reality, all the better and worse at the same time. Loss of the Criminal Code were not so great: according investfunds.ru, during which time a net outflow of investment funds open up only about 6 billion rubles. However, it shows an already well-known cause of the cool relations clients: in general, yield was significantly lower than if the client is more than two years ago he bought through a broker portfolio in accordance with the MICEX index. Actually, many people have done so: in 2009, explained the devastating loss of control among other things, the mass transition customers for brokerage services. However, this is cold comfort for even the Criminal Code, included in one group with a broker, because the "long" investor pays the broker a commission only twice - at entry and exit of assets. That is, the broker can really make only the client actively speculates. However, in this case, a former client mutual fund that has no experience in the stock market has a lot of chances to go broke very quickly and also cease to be a broker for any interest. For many shareholders still ongoing strategy of "exit without loss": the crisis they did not fix the loss and now, waiting for market recovery, leave as soon understand that they can "break even". Conversely, those who entered into mutual funds after the crisis, at a minimum, fixed income now, fearing a new round of volatility. "People are afraid, check quotes every day, shake their managers. This is a complete nightmare, and the market should be constructed not so, - said the head of asset management business of Gazprombank Anatoly Miliukov. - It's not the specifics of Russia, this happens in many countries, we have just expressed more brightly. " "The existing shareholders are still fresh memories of the financial crisis at the time gave way industry, and scalded with milk, now they blow even in water, - the director of retail services" UFG Invest, "Galina Romaniuk. - A declining yield bond funds, most recently former "safe haven" for private investors who do not leave hope to beat inflation, but still look attractive bank deposits. " Do not add enthusiasm to potential investors and the remaining echoes of the crisis was marked by several high-profile bankruptcy of the Criminal Code because of a conflict with NPFami. Among them were MC Rosbank (at the closing renamed "RBiznes Asset Management"), as well as one of the oldest companies in the market "Pioglobal Asset Management." The fact is that until recently, business manager was considered absolutely safe because it does not risk their money. However, in 2008 legislative conflict emerged: one to control the law has no right to ensure profitability, and the other - pension funds must be safeguarded. Money to cover these losses, the vast majority of the Criminal Code was not. In this case, as it turned out, a number of managers to attract customers, amid steadily growing market included in the contract item on the "minimum guaranteed return," which further aggravated the situation. By the end of 2009, most market participants are more or less able to agree, and those who could not have left the market. However, the losses have not gone away and the question of their compensation in one form or another is still standing. And in 2010 the market stirred up another scandal: the administration of Khanty discovered a "hole" in the 5 billion in assets of Khanty-Mansiysk NPF, and he, in turn, filed claims CC "Yugrafinans." And even this scandal was not the last. Two weeks ago it became known that the second-largest pension funds, "Welfare" can not be deduced from the Criminal Code "Industrial tradition '14.2 billion rubles-lei. At the same time and do the Criminal Code has not been fully determined, under what conditions they need to take risks with pension money and will pay it at all. For example, a list of management companies have the right to work in retirement savings, since 2008 is not replenished. To live to millions. Despite all the difficulties that managers today are under a strong opinion: retail mutual funds waiting for the inevitable boom. Must be taken for granted, for instance, that mutual funds in Russia were out of the economic context, but in the public mind to form an alternative understanding of the banks is quite possible, according to Deputy General Director of "Alfa Capital" Aleh Kessi. "For the first quarter of 2011 we have doubled the gross public involvement in mutual funds, and the balance of net attraction tripled in three months we have new tools almost as much as eight months of 2010", - said Anatoly Miliukov. In the passive management of mutual funds may be cheaper brokerage service, as there must still pay the depositary. Also, it happens that index funds outperform a benchmark, say managers. With sufficient diversification of investments, and some additional tightening of regulation is quite mutual funds can provide a very serious safety "- to advertise our products one of the managers. The basis of the new market model should be the banking network, Anatoly Miliukov assured: the network is necessary, but CC could not bear the costs of its content. Ability to organize an effective sales through the banking network is confirmed by statistics: in the three-year ranking investfunds on the net inflow of funds in the open and interval mutual funds 4 of 5 top positions occupied by the Criminal Code of funds "Raiffeisen Capital." The first month, then, though, belongs to the fund "Ilya of Murom" MC "Troika Dialog" - for three years he has collected as much as 1.5 billion rubles. But here, perhaps it is a shifting of funds between fund investors the same company: the other fund "Troika" - "Dobrynya Nikitich" - during the same period lost 6.2 billion rubles. In the end, "Raiffeisen Capital" is in the first place ranking with a total net attraction of 3.9 billion rubles, and the "Troika Dialog" closes it with an outflow of 5.8 billion rubles. According to Anatoly Miliukov, while disappointing statistics of the market in which the outflow dominates the inflow of new money, explained by the fact that the former company leaders are still significant losses due to release shareholders post-crisis. However, this does not change the overall trend: "Around the world, except that the United States, the overwhelming share of sales of investment products, accounts for banks and insurance companies, for example, in Germany it's Allianz, France - AXA, - he said. - Those who are good with the distribution, who may for someone else to lean and not forced to develop its network, they will be very good. " For information on when it finally comes time blessed and retail investors lined up, while managers are not prepared to say. Moreover, market entry is now fraught with serious risks. "Companies that do not have their own network, will have to wait for the customers of the banks will require something else, other than products of the bank, - said Anatoly Miliukov. - This market will generate hundreds of millions of dollars. The only question is, will survive if the Criminal Code before it come to these millions. "