Russian Federation
The article examines the key features and adaptation strategies of Russian management companies (MCs) acting as a professional participant in the securities market in the period from 2020 to 2025, marked by successive crises caused by the COVID-19 pandemic and unprecedented sanctions restrictions, including the blocking of assets at international depositories. The aim of the study is to substantiate the thesis about the structural resilience of the MC business model, their ability to generate profit and attract clients’ funds despite external shocks. Based on an analysis of data from the Bank of Russia and current scholarly publications, the key factors that ensured this resilience have been identified and systematized.
management company, professional participant of the securities market, mutual investment fund, trust management, sanctions restrictions, retail investor
1. CB RF. Obzor klyuchevyh pokazateley upravlyayuschih kompaniy za III kvartal 2025 goda [Elektronnyy resurs]. — URL: https://cbr.ru/analytics/RSCI/review_uk (data obrascheniya: 20.12 .2025).
2. CB RF. Obzor klyuchevyh pokazateley upravlyayuschih kompaniy za IV kvartal 2024 goda [Elektronnyy resurs]. — URL: https://cbr.ru/analytics/RSCI/review_uk (data obrascheniya: 20.12 .2025).
3. CB RF. Obzor klyuchevyh pokazateley upravlyayuschih kompaniy za IV kvartal 2023 goda.
4. Investfunds [Elektronnyy resurs]. — URL: https://investfunds.ru (data obrascheniya: 20.12 .2025).
5. Valiulina A.D. Analiz sovremennogo sostoyaniya i tendenciy razvitiya rynka cennyh bumag v Rossiyskoy Federacii [Tekst] / A.D. Valiulina // Ekonomika, finansy i upravlenie: aktual'nye voprosy teorii i praktiki: sbornik statey III Mezhdunarodnoy nauchno-prakticheskoy konferencii (Penza, 25 maya 2023 g.). Penza: Nauka i Prosveschenie (IP Gulyaev G. Yu.), 2023. S. 40–43. EDN: https://elibrary.ru/TKJXPJ
6. Evdokimova L.A. Vliyanie sankciy na rynok cennyh bumag [Tekst] / L.A. Evdokimova // Yurisprudenciya XXI veka: pozicii zakona, doktriny i praktiki: sbornik materialov Vserossiyskoy nauchno-prakticheskoy konferencii (Irkutsk, 1 marta 2023 g.) / Org.: Rossiyskiy gosudarstvennyy universitet pravosudiya, Vostochno-Sibirskiy filial. — SPb.: Asterion, 2023. — S. 195–201. EDN: https://elibrary.ru/JCFGKE
7. Molev R.V. Sovremennoe sostoyanie doveritel'nogo upravleniya na rossiyskom rynke cennyh bumag [Tekst] / R.V. Molev // Pravovye issledovaniya molodyh uchenyh (dlya magistrantov i aspirantov): materialy III Ezhegodnoy regional'noy nauchno-prakticheskoy konferencii (Irkutsk, 27 yanvarya 2023 g.) / otv. red.: Yu.N. Rumyanceva, I.M. Sereda, V.N. Shutova. — Irkutsk: Izd-vo Irkutskogo instituta (filiala) VGUYu (RPA Minyusta Rossii), 2023. — S. 29–33. EDN: https://elibrary.ru/TCFWUG
8. Pogorzhel'skaya N.V. Sovremennye tendencii razvitiya finansovogo rynka Rossiyskoy Federacii [Tekst] / N.V. Pogorzhel'skaya // Seriya «Ekonomika». — 2023. № 32. — S. 138–152.
9. Ponomarenko K.S. Razvitie rossiyskogo fondovogo rynka v chasti dobrovol'noy programmy dolgosrochnyh sberezheniy [Tekst] / K.S. Ponomarenko, I.V. Lagkueva // Voprosy rossiyskogo i mezhdunarodnogo prava. 2023. — T. 13. — № 3-1. — S. 256–264. DOI: https://doi.org/10.34670/AR.2023.71.54.029; EDN: https://elibrary.ru/ULSRQJ
10. Ryabinina E.V. Razvitie brokerskih uslug v sovremennoy ekonomike [Tekst] / E.V. Ryabinina // Ekonomika i biznes: teoriya i praktika. — 2022. — № 5 - 3. S. 37–42. DOI: https://doi.org/10.24412/2411-0450-2022-5-3-37-42; EDN: https://elibrary.ru/TUYDMT
11. Svechkareva A.P. Professional'nye uchastniki fondovogo rynka Rossii [Tekst] / A.P. Svechkareva,D.V. Vlas'eva // Aktual'nye voprosy razvitiya nacional'noy ekonomiki: materialy I Vserossiyskoy s mezhdunarodnym uchastiem nauchno-prakticheskoy konferencii (Perm', 28 fevralya 2022 g.). — Perm': Izd-vo Permskogo gos. nac. issled. universiteta, 2022. S. 553–559. EDN: https://elibrary.ru/NHBNBD
12. Tadtaeva V.V. Ocenka sostoyaniya rossiyskogo rynka cennyh bumag i perspektivy ego razvitiya [Tekst] / V.V. Tadtaeva, L.M. Abisalova // Finansovaya zhizn'. 2023. — № 2. — S. 40–45. EDN: https://elibrary.ru/SBDZLQ
13. Cherkashina T.A. Biznes-drayvery finansovoy bezopasnosti uchastnikov finansovogo rynka v kontekste global'nyh vyzovov [Tekst] / T.A. Cherkashina // Ukreplenie finansovogo suvereniteta v usloviyah sovremennyh vyzovov i ugroz: ot povysheniya urovnya finansovoy gramotnosti k obespecheniyu finansovoy bezopasnosti gosudarstva: materialy Mezhdunarodnoy nauchno-prakticheskoy konferencii (Rostov - na - Donu, 14 iyunya 2023 g.). — Rostov n/D: Izd-vo Rostovskogo gos. ekon. universiteta «RINH», 2023. — S. 177–182. EDN: https://elibrary.ru/JFZWSH
