In the third quarter of 2023, the number of IIS increased by 11%

According to the Bank of Russia, in the third quarter of this year the number of individual investment accounts increased by 11% compared to the same period in 2022. Experts attribute this to the imminent introduction of the third type of IIS. After its launch, IIS of the first type and the second type will no longer be open, and citizens are in a hurry to register the presence of an instrument that makes it possible to receive a tax deduction.

The Bank of Russia on Friday, November 24, published statistics for individual investment accounts (IIA) for the nine months of 2023. The volume of assets in these accounts increased by 3% during the quarter, to RUB 519 billion. According to the Central Bank, the average account size in trust management was 210 thousand rubles, with brokers – 82 thousand rubles. The share of Russian shares in the asset structure has grown to its highest level since 2015 – 35%. The share of residents’ bonds decreased to 15%. Accounts were opened primarily with brokers; their total number of individual investment accounts increased by 11% compared to the same period in 2024. At the same time, as the Central Bank notes, the number of individual investment accounts and the volume of assets in trust management (TD) decreased, “clients left mass standard strategies focused on bonds.”

Traditionally, the dynamics of opening new IIS accounts increases in the second half of the year and especially at the very end, notes Ivan Sokolov, Deputy General Director of Finam Management.

Investors try to place their funds in IIS closer to the end of the year in order to receive a tax deduction at the beginning of the next year, he explained. However, this year the outpacing dynamics of new IIAs is most likely due to changes in the legislation governing IIAs, the expert believes.

“The fact is that from January 1, 2024, it will no longer be possible to open IIS of the first and second types, which for many investors are the most convenient in terms of the timing and procedure for receiving tax deductions. Therefore, it is completely understandable that investors want to open IIS of the first and second types before the end of the year,” the expert points out.

At the same time, next year it is expected that the third type of IIS will be launched to replace IIS-1 and IIS-2. In the current edition, IIS-3 is presented as an element of the system for the formation of long-term savings: a five-year product with two types of tax benefits, the possibility of withdrawing assets in case of a special situation and without a ceiling on the amount of replenishment, but with an obligation to invest in Russian assets, the head of the IIS development department clarified. BCS World of Investments” Lilia Denezhka.

According to preliminary estimates, about 200 thousand investors can open accounts of the new type, Mr. Sokolov believes.

11% growth is a low annual growth rate given the uncertainty of 2022, says independent financial analyst Andrei Barkhota. However, according to Daniil Bolotskikh, leading analyst at Digital Broker, it is much more important to pay attention to how much assets have grown. The growth of assets for the quarter by 3% indicates a real increase in interest in such an instrument, he notes.

Mr. Sokolov suggests that more accounts are being opened with brokers due to the nature of brokerage agreements and trust management agreements. “The fact is that the brokerage agreement comes into force immediately after its conclusion, even if there is no money on it, but the management agreement comes into force only at the moment of transfer of assets. Therefore, if the task is to “stake out” IIS of the first and second types by the end of the year, and at the same time the client does not plan to replenish it this year, then a brokerage IIS is the best fit,” he explained.

IIS is of interest to clients with investment experience; they replenish their account more often and by a check higher than average, notes Ms. Denezhka. “As for behavior, 80% of clients diversify their portfolio using various instruments, mainly Russian stocks,” she added. IIS is typical for the investment portfolios of small and medium-sized citizens, Mr. Barhota noted. As a rule, we are talking about the upper mass segment, where the investment portfolio can vary from 100 thousand rubles. up to 5 million rubles, he added.

Digital Broker believes that the number of individual investment information systems of all types will continue to grow. Mr. Sokolov believes that the trend towards opening new IIS accounts will continue in the fourth quarter, and most likely the growth will be even greater. At the same time, according to Ms. Denezhka, for the second year in a row there has been a decrease in investor activity in the fourth quarter compared to previous years.

Ksenia Kulikova