Russian Institutional Investors: Exposure to OFZ Boosted by Contraction of Deposits

RUSSIA ECONOMICS - Report 07 May 2021 by Evgeny Gavrilenkov and Alexander Kudrin

In April, the CBR released data on investments of pensions funds and insurance companies for FY2020. The aggregate amount of assets of Russian institutional investors exceeded 9.5% of GDP. Certain acceleration in growth of assets was demonstrated by insurers due to generally low interest rates in the economy and presence of specific investment products while pension industry investment was growing more moderately. As for the structure of the latter’s investments, deposits lost the most, while exposure to OFZ increased by 11%. GKEM Analytica expects Russian institutional investors to demonstrate moderate (5-6%) growth of assets in 2021, where fixed income securities will dominate.

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