Highnets formed a class – Kommersant FM
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A new class of investors has emerged in Russia. This is what the top management of the Moscow Exchange (MOEX) thinks: MOEX). One of the directors of the site, Elena Kuritsyna, said that we are talking about “super-wealthy” Russians. They decided to leave capital in Russia, and are now actively investing in the stock market. These clients, experts believe, “need to be worked carefully.” What makes this new type of investor different from others? And how do they affect trading? Ivan Khorushevsky sorted it out.
At the Moscow Exchange, a new type of investor was dubbed “highnet”—in international practice, this is how dollar millionaires are usually called. However, representatives of the site clarified that we are talking about “very, very, very, very rich people.”
The abundance of adverbs prompted Kommersant FM’s interlocutors to the idea that domestic high net worth is the owner of at least a billion dollars in capital in rubles. They could have used their fortune as they wished, but decided to leave the money in Russia. This happened, as the Moscow Exchange management notes, “willingly or unwittingly.” More likely the second, believes Mikhail Korolyuk, head of the trust management department of IFC Solid:
“Many owners of large Russian companies have found themselves under sanctions; accordingly, they need to place what previously flowed abroad due to the fact that they wanted to identify currency risks. Now this money is locked up in Russia, and there are not many opportunities for placement, so they come to the stock market.”
But still, the class of super-wealthy Russians is small. According to Kommersant FM’s interlocutors, no more than a hundred people can be classified as high nets, while there are already more than 7.5 million retail investors in the country, the Moscow Exchange reported. Individuals account for 85% of the stock market turnover and 65% of the derivatives market. However, on average, about 250 thousand rubles are stored in their brokerage accounts, the Central Bank reported at the end of 2023. With such indicators, it is still impossible to talk about the stable development of domestic exchange platforms.
Therefore, the role of high nets in the current realities is of particular importance, says BCS World of Investments expert Evgeniy Mironyuk: “The number of individual investors with a relatively small check is growing. And this affected the nature of trade, making it more speculative. Investors with a large check prefer such a service as an advisor, when they entrust the funds to a management company. Its representatives constantly maintain contact with them, advising on certain transactions on a monthly or even weekly basis. And these investors are more conservative and discuss rather complex financial instruments.”
However, super-wealthy Russians still prefer to store a significant part of their capital abroad, according to Kommersant FM interlocutors. Highnets simply changed unfriendly jurisdictions, for example, to the Middle East, and began to prefer real estate investments to dollar accounts. Member of the board of Finam Dmitry Lesnov spoke about what alternative wealthy clients can be offered on the Russian stock market:
“We all know about the repo mechanism with a central counterparty, which has been successfully operating for several years now, when large clients have the opportunity to place their assets at the exchange rate and receive 16-16.5% per annum. These are, of course, purchases of large packages of assets that could be of interest to such investors. Unfortunately, there are few unique instruments on the Russian market.”
In addition, according to analysts’ forecasts, the growth of the Moscow Exchange index this year will slow down significantly – to 10-20%. On resale or rental of real estate, for example, in Dubai you can earn no less, and sometimes even more, than on the Russian stock market.
Everything is clear with us – Telegram channel “Kommersant FM”.
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