The number of broker clients grew to 35.5 million people

At the end of January-September, the number of brokerage accounts opened by individuals increased by 30%, to 35.5 million. But the overwhelming share still remains zero, and the rapid increase in assets by 48%, to 9.1 trillion rubles, became a consequence of the growth of the stock market and contributions from the wealthiest investors. Experts believe that “new investment ideas have emerged” and the influx of citizens into the stock market will continue. However, it will be held back by high deposit rates and the continued availability of investment opportunities through preferential mortgages.

According to the Bank of Russia, the number of brokerage accounts of individuals at the end of the third quarter increased to 35.5 million. Over the quarter, the figure increased by 7%, over the year – by 30%. At the same time, the number of citizens with brokerage accounts with unique passport data increased by 27%, to 27.5 million people, according to data from the Moscow Exchange.

The total value of assets of resident individuals in brokerage services at the end of the third quarter soared even faster – by 48%, to RUB 9.1 trillion. The overwhelming majority of them (RUB 8.4 trillion) are in securities. The Central Bank clarified that the volume of assets increased “due to the positive revaluation of Russian shares (the MOEX index grew by 45% during the reporting period— “Kommersant”) and foreign assets (the indicator was assessed on the date before the freezing of assets on the St. Petersburg Exchange.— “Kommersant”), as well as due to significant net contributions to brokerage accounts.”

The volume of net contributions to brokerage accounts of individuals amounted to 329 billion rubles in the quarter, while in the second quarter it was only 238 billion rubles. “The bulk of it was aimed at investing in shares and bonds of residents, as well as exchange-traded funds. The majority of net purchases on the exchange (about 60%) were made by investors who opened accounts more than three years ago,” the regulator’s review says.

The majority of private investors still have a small amount of assets: the share of individuals with empty accounts or with assets of up to 10 thousand rubles. remained at the level of 87%. However, during the quarter the average account size increased from 241 thousand to 255 thousand rubles, and excluding empty and small accounts, this figure increased from 1.8 million to 1.9 million rubles.

Professional market participants encourage bank clients to open brokerage accounts, as a result, there are accounts, but they are either empty or with a small amount of funds, notes Arikapital investment strategist Sergei Suverov. He adds that “2022 also had an impact, with many clients opening accounts to transfer assets.”

According to independent financial analyst Andrei Barhota, the growth in the number of clients using brokerage services is explained by several factors. First, he explains, “some of the investment propensity that was lost during the dramatic 2022 has returned.” Secondly, the expert adds, “new investment ideas have appeared that are attractive to people with savings.” We are talking, according to Mr. Barhota, about purchasing undervalued shares of Russian issuers, increasing positions in income bonds, and participating in new IPOs.

Funds in brokerage accounts are gradually being restored to pre-crisis levels, says Capital Lab partner Evgeniy Shatov. However, according to his estimates, the largest increase was shown by owners of large accounts: a high degree of concentration of assets in the accounts of qualified investors remained. Thus, 2% of qualified investors own more than 70% of assets, notes Mr. Shatov (see Kommersant on October 6). The growth in net contributions to brokerage accounts was significant in the third quarter, he clarifies, as interest in the financial market especially increased in anticipation of the expectation of dividend payments by large issuers.

However, already in the fourth quarter the dynamics may slow down, experts believe. According to Mr. Barhota, in October-December the growth rate of new clients and the volume of funds in quarterly terms will not exceed 10% and 20%, and in annual terms – 20% and 30%, respectively: “Part of the funds will go into bank deposits and preferential mortgages.”

Ksenia Kulikova