ASSET MANAGEMENT: THE TIME OF QUASI-STRATEGIES

A new stage of development began for the trust management industry. The catalyst for change was the 2008 crisis, which led to a sharp depreciation of assets. In Russia the situation is aggravated by the months-long outflow of funds from investment instruments. The threat of cancellation of the funded part of the pension and, as a consequence, the slowdown of the NPF industry adds uncertainty. Difficult times are prompting market players to look for new directions of business development.

Until now, asset management companies operated as "product factories" with confusingly similar offerings. When selecting a manager, clients tended to be guided by historical profitability dynamics and brand recognition. Many investors have no idea about the composition and structure of their portfolio and its level of risk. This could not but provoke a crisis of confidence, which is only strengthened by an insufficient level of financial literacy, vague investment declarations and natural dissatisfaction with the results of management in the post-crisis period.

In the West, most major players are increasingly emphasizing passive strategies - "packing" indices and portfolios into exchange-traded funds (ETFs). In my opinion, the Russian market will sooner or later head in the same direction. In the near future, asset management companies will have to transform into architects of comprehensive financial solutions and, accordingly, change their approach to working with clients. The role of the manager will be to form an individually customizable portfolio according to the client's investment objectives, with subsequent administration. Investments will be made not only in the training of full-time investment advisers, but also in the expansion of the distribution network. In sales, the focus will be on skillful communication with the client and a better understanding of his needs. The one who can offer transparent products with the most predictable results will succeed.

The profitability of a portfolio is determined primarily by the distribution of assets in the portfolio, not by the fundamental choice of specific names. Whoever creates such a constructor will be the first to cream off. As a result of the "redesign," clients will have a long-term replenishable portfolio of passively managed products investing in different asset classes. Another trend is the greater inclusion of international products in the lineup. On the whole, the share of quasi-index strategies in client portfolios will grow.

Along with universal ones, companies specializing in niche investments will appear, such as structured products with capital guarantees or low-cost index solutions. The support of a multidisciplinary financial group will be a critical factor in the success of management companies.