The expert explained the growth of retail investors' assets to 11 trillion rubles.
The growth of retail investors' assets to 11 trillion rubles, recorded in the second quarter of 2025, is due to two factors at once — a net inflow of funds and a revaluation of bonds. Denis Astafyev, an entrepreneur, fund manager and founder of the SharesPro fintech platform, stated this in an interview with Izvestia.
"Lower deposit rates and the expectation of further easing of monetary policy stimulated the flow of savings to brokerage accounts, and a drop in required yields supported the prices of securities already purchased," the expert explains.
According to him, the easing of monetary policy has already affected interest rates. On July 25, the key rate was reduced by 200 basis points to 18%. Following this, banks lowered their annual deposit yields to 14-17%. At the same time, the market is expected to move further towards 12-14%.
"In the scenario of normalization of the external background, including the "peaceful" one, the compression of the geopolitical premium reduces the cost of capital, reduces the required bond yields and supports equity multipliers. At the same time, the ruble becomes less volatile, imports become cheaper, which creates a disinflationary background and increases the likelihood of a reduction in the key rate to 12-13% in 2026," Astafyev admits.
Against this background, deposits lose their attractiveness compared to federal loan bonds, corporate bonds, dividend securities and funds. For more information about the structure of investors' investments in the second quarter of this year— see the Izvestia article:
Betting on growth: why the assets of retail investors in brokerage accounts have increased
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