RA Expert has prepared a ranking of the largest Russian management companies based on the results of 2025, which, despite the difficult economic situation, was a successful year for management companies.
According to the Bank of Russia, by the end of 2025, the value of assets under management increased by 24% and reached 32.6 trillion rubles. The assets of mutual investment funds grew at an accelerated rate due to the net inflow of shareholders' funds and positive returns.
Market participants emphasize the crucial role of closed-end funds in this process. According to a survey of management companies conducted by RA Expert, it was the SPIFs that were most often mentioned as the preferred trust management products for 2026, particularly real estate SPIFs and funds for qualified investors.
"The attractiveness of any investment product is based on several factors. First of all, it is the return that the investment brings to the investor. The second factor is the ease of access and transparency of the investment instrument. The third factor is the existing options for exiting the investment. If we look at real estate mutual funds from these perspectives, we will see a fairly attractive picture," Felix Blinov, CEO of the RWM Capital Investment Group, said in an interview with RA Expert.
The total value of the net assets of closed-end funds managed by RWM Capital exceeded 217 billion rubles in 2025. As a result, RWM Capital ranked 8th in RA Expert's ranking of closed-end funds by asset volume.
In the overall ranking of management companies by asset volume, RWM Capital ranks 19th.
