MOSCOW, Dec 26 (PRIME) -- Russian managing company Alfa-Capital registered a 20 billion ruble inflow from wealthy clients in 2018 on the back of sanctions, offshore capital amnesty, and de-offshorization, CEO Irina Krivosheyeva told PRIME on Wednesday.
“The inflow was connected to the capital amnesty and de-offshorization. In addition to that, tension among clients increased as compliance demands set for them by foreign banks has grown due to sanctions. Many private investors with the wealth of, let’s say, below U.S. $5 million, see no sense now in holding their money there. They return their capital to Russia and trust it to the professional Russian players of the financial market,” she said.
“Since the beginning of the year, Alfa-Capital has registered an inflow of more than 20 billion rubles just into personal funds that are based on closed-end investment funds, and the sum does not even include other products that we offer.”
The year of 2018 was the first year of a significant return of capital to Russia, backed by new instruments appearing on the market and by creation of comfortable infrastructure for investment of large sums. Still, Russian clients do not panic, and the company registered no significant inflow of money into gold, the traditional defensive asset, she said.
(68.7448 rubles – U.S. $1)
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