The number of individual investment accounts (IIAs) in Russia saw a decline from 6.0 million to 5.9 million during the first quarter of 2024. This decrease impacted both brokerage and trust management accounts.
Investors have shown caution regarding type 3 IIAs so far this year. In the first quarter, they opened approximately 138,000 type 3 IIAs with brokers while closing 197,000 type 1 and type 2 IIAs that had been previously opened. The low activity among investors is attributed to amendments to the Russian Tax Code concerning tax deductions for type 3 IIAs, which were adopted in late March.
The value of assets in IIAs remained nearly unchanged at ₽545 billion. This stability was due to the positive revaluation of Russian shares, which make up 38% of the portfolios. The asset structure remains balanced with bonds, residents’ investment units, and monetary funds constituting significant portions of IIA portfolios.
More details can be found in the publication "Individual Investment Accounts: Trends in 2024 Q1."
Preview photo: Aleksandr Khakimullin / Shutterstock / Fotodom