​This is the archive version of our website, last updated in October 2017. Visit us at www.cfarussia.ru


  • 06 Sep 2016 3:40 PM | Olga Zhurkina (Administrator)

    On September 6, CFA Association Russia co-organized a presentation on ModelOff, the world’s largest financial modeling championship. The event took place in the PricewaterhouseCoopers company’s office and was the very first such event in Russia.

     ModelOff participants meet regularly in the world’s major financial centers: New York, London, Sydney, Singapore, Tokyo, and now a meeting was held in Moscow, thanks to CFA Association Russia and the Academy of PwC. 

    The event marked the official start of the new season of financial modeling championship in Russia.

     During the meeting, event organizers told participants about the championship, how to become a part of it, and provided a few interesting examples.

     Thomas Alomes, the CEO of Australia’s Professional Services Champions League (PSCL), also attended the event and told the gathered professionals just how valuable it is to participate in ModelOff championships.

     lya Larchenko, CFA, the only representative from CIS countries who made it to the finals of the 2015 championship, gave a special workshop, called “The Underestimated Opportunities of MS Excel.” Following his presentation, Larchenko spent a long time answering to the questions of all participants. After the event, a special promo code for free registration to the championship to be available for all participants.

  • 28 Aug 2016 3:33 PM | Olga Zhurkina (Administrator)
    All participants received an introductory training course, known as the “Golf Clinic,” on how to play a club and ball game. After the training two blitz competitions were held among beginners.

    Those who already knew how to hit a golf ball had an opportunity to form the team of more experienced players and played several rounds together.

    Everyone said the event was not only a chance to learn how to swing a golf club under the guidance of professional coaches, but was also a great opportunity to meet with colleagues within the CFA community in a more informal setting.
     That is why the Association always recommends attending this event and bringing an entire family or a group of friends.

  • 29 Jun 2016 3:16 PM | Olga Zhurkina (Administrator)

    Sanctions were the key theme at Russia's most important finance event of the year, the 2016 St. Petersburg International Economic Forum. At one of its sessions Paul Smith, CFA Institute’s president and global CEO, presented a study entitled “Geopolitics For Investors”.​

    This study is intended for investors who want to better evaluate the influence of geopolitics on markets and price formation. An era of “cold war” and “mutually ensured destruction” doesn’t mean that one cannot make good investments. 

    In Tunisia during the Arab Spring, there were a record number of IPOs (all successful) and only a year after that (or thanks to that) there were radical changes in administration, as shown in the study. Geopolitical tension doesn’t rule out good investments, but unawareness of geopolitics can negatively affect financial results.

    Paul Smith shared with his colleagues at SPIEF his observations from a trip to Vietnam. He visited the country after U.S. President Barack Obama, who had drawn a whole crowd of supporters. Obama is very popular there, regardless of last century's armed conflict in Vietnam. The moderator of the session, Russia Today presenter Peter Lavelle, pointed to the rise in Russian President Vladimir Putin’s popularity domestically, which followed the imposition of sanctions and the strengthening of Russians’ patriotic sentiment.


    During the SPIEF discussion, special attention was paid to Russia’s geopolitical risks. The long sanctions (28 months) have led some foreign companies in the finance and oil and gas industries to freeze their projects in Russia, as Artem Volynets, CEO at SAPINDA Eurasia explained, citing an analysis of 50 large companies operating in Russia. According to him, international companies in the pharmaceuticals business (in which there has traditionally been more confidence than in local ones), as well as local players in the retail and agricultural markets have, in fact, been able to strengthen their positions. “Besides enterprises in the energy and financial services industries, other companies have increased their market share, and the demand for their products has grown.” As Volynets summarized it, “There has been no large-scale exit from Russia. Rather, investment continues.”

    Lavelle believes that it is first of all Europe that is suffering from sanctions, as it is losing the Russian market due to import substitution. The countersanctions have demonstrated that there are tools that Russia can use, added Benjamin Wegg-Prosser, managing partner at Global Counsel LLP.


    “If we don’t consider the effect on businesses, the sanctions as an attempt to pressure the country have had zero results,” claimed Jean-Pierre Thomas, president at Tomas Vendome Investment. Benjamin Wegg-Prosser disputed this, saying “I don’t believe that sanctions don’t work. There is the example of South Africa in the 1990s, the example of Iran. These countries changed their way of doing things as a result of prolonged sanctions.”

    The majority of financiers believe that sanctions harm the economic system not only of the country they are targeted at, but also have an effect on the whole world. “There has been discussions about excluding Russia from SWIFT,” said Lavelle. “But that would turn the whole global economy off.”


    Concluding the discussion, Lavelle shared some backroom conversations about how someone from the White House had been calling American companies to remind them of limits on investing in Russia. Nonetheless, many American investors attended SPIEF and are working “in the field”. “One gets the impression that the sanctions are not really so bad,” said Lavelle.

  • 22 Jun 2016 12:06 PM | Olga Zhurkina (Administrator)

    ​​On June 22 at the Kazan bar CFA Russia hosted a business-breakfast on hedge funds.

    They have existed in the West since 1949 and they developed most rapidly in the 80’s. Today there are more than 12 thousand hedge funds worldwide. In Russia there are few of them due to regulatory constraints. But the demand for them by investors continues to increase, making this meeting very timely.​

    Mikhail Boboshko, founder and President of the National Alternative Investment Management Association, presented a review of hedge funds in Russia and his analysis. According to general estimates, the size of the market is 4.5 – 5 billion compared to 3 trillion dollars in the world market. Meanwhile 2/3s of our funds are small funds, of less than $50 million (the majority being around $10 million), only 2% are in excess of this amount, and 2 or 3 funds tip the scales at half a billion. For comparison, in the West any fund less than $100 million is considered a small start-up. “The market so far is still very small” said Mikhail Boboshko and pointed out that when the Hedge fund manager’s Club of Russia awarded the best of the year, there wasn’t even enough money to award prizes to all the nominees.​

    “The lifespan of a Russian fund isn’t long by comparison. More than 50% have been around for less than 5 years, only 13% have been around for more than 10 years. 77 % are registered in the Caymans and then move to the BVI (British Virgin Isles) and Luxemburg is a new a trend. Sixty percent of investments are oriented towards the Russian market, many algotraders, HFT, and the general trend is to move to global markets from Russia. More than half are equity funds, next being multiclass funds, investing in derivatives, bonds and other tools. The year 2015 was better than 2014. Seventy hedge funds made more than 5.3%. Although the speaker noted that this result should not be considered significant. “ 24% volatility is very high while our funds’ midyear low profitability is 1.6%. Evaluating risk and effectiveness should ideally coincide with the profitability as a percent” he explained.

    Vyacheslav Pivovarov, a partner in Altera Capital and a member of the board of directors for “RusHydro” presented a review of funds from different countries, covering their similarities and differences, strategies and products, and similarly covered the investment ideas of his own company, noting that every country’s growth has its driver: in Brazil it’s low rates, and exports that aren’t like in India or China. “Russia is a special case… a club of interests and ideological decisions, where profits are far from first place”. Our labor productivity is 4 times less than in the USA and 2/3s of this are caused by poor management. The situation is similar in finances. Investors always ask about risks and profits, and I give them one answer, “to be above average, you need to do your own work, build everything from zero, this is the only way. Plus, avoid serious cataclysms and always be in business, not waiting for good times to come” says Vyacheslav Pivovarov. He also explained the methods behind his work, sharing his experience; calling on the participants in the business-breakfast to make forecasts with consideration to human factors and human psychology, something robots cannot yet do. The success of Altera Capital is fairly significant: assets grew from $50 to $120 million. Lastly, he answered a question about Nassim Taleb’s "Black Swans”. The world doesn’t change like we expect and prepare for, this is the main idea of the book in the opinion of Vyacheslav Pivovarov.

    In conclusion Vladimir Tutkevich noted that in the sphere of hedge funds regulation there remains a lot to be done, and participants in CFA’s meeting will have the opportunity to discuss this topic in September at the next planned business-breakfast.​​​

  • 16 Jun 2016 12:16 PM | Olga Zhurkina (Administrator)

    A seminar on the theme “ETFs: international practices and Russia” was held on June 16.​

    This course consisting of five sessions, developed by experts at the stock exchange specially for the CFA Association Russia, is intended to broaden one’s knowledge of investment funds and evaluating prospects for launching one’s own investment business. The lesson was moderated by Alexei Fedorov (from the division for working with participants in the stock market at the Moscow Exchange). A presentation was given by Vladimir Kreyndel from FinEx Plus. In that company he is responsible for developing the range of products for exchange-traded funds (ETF) and portfolio decisions based on index products.​

    ​After greeting the audience, Fedorov noted how today 12 ETFs are traded in the stock exchange, and FinEx is the leader in this field. Kreyndel started off his presentation, entitled “On financial autopilot: international practices and the Russian experience”, with a provocative question: “Who allowed foreign funds on the Moscow Stock Exchange, and is this good or bad?” 

    He talked about his own company, which offers trading of foreign shares on the Moscow Stock Exchange. In Russia, FinEx is the sole provider that has over 10 years of successful experience in the format of Global Macro strategies within hedge-fund platforms. In Kreyndel’s opinion, passive management has beat active management for many years all over the world, which is confirmed by statistics. As Fedotov explained, “We​​​’re dealing with emotions, familiar images that lead investors to make the wrong decisions and invest, for example in Gazprom, as well as the obvious but still quite important issue of commissions: active managers try to earn as much as possible and their commissions are higher. But we’re seeing development of ETF funds, and as a result portfolio options are thinning, while index options are growing year on year. This evolution started a long time ago, but in recent years it has been developing more and more, and that can be seen on the chart.”

    Exchange-traded funds are designed as mutual index funds with an unlimited circle of participants and an unlimited duration. These instruments are traded like shares and allow one to invest in ruble and foreign-currency shares. They differ from open-end funds in their simplicity, low commission, transparency, liquidity, lower depreciation (the lack of huge ruble “pillows” in classical funds), and their prospects of 7.2 percent annually or higher. Accurate tracking of international stock exchange indexes is built into these instruments by their nature. Kreyndel underscores how ETFs have proved a hit in financial markets, and in the last decade the number of funds has grown to over two thousand, while the international practice of attracting retail in medium-term investments is gaining momentum: in America it’s at 50 percent, while it Europe it is so far at 10 percent.

    Demand for ETFs is growing in Russia, too, where gradually a new class of investors is arising, and with the help of ETFs, their capital will double by their retirement unlike bank deposits.

    As the presenter pointed out, “Russia’s share in the global economy is only two percent, but many investors love to ‘invest in what they know’, and ETF insures them against risks of marginal decisions of diversification.” All of FinEx’s dividends are reinvested, not paid out as was done before, and this allows bypassing retail investors and new tax and legal complexities. The range of ETF funds represents the whole world and shows a yield of 4 percent on eurobonds or 3.2 on China shares up to 17.6 on gold, more than 7 percent annually on average.

    When a question was asked about the reliability of ETFs, he answered that such a fund can’t go bankrupt: it is just a place where capital is stored, and it has no salaries or other payouts. Open-end funds today have been discredited, and futures certainly don’t appeal to everyone. He further noted the advantages of working online: with the help of automation, over 500 million of attracted venture capital is served and 2.2 trillion dollars is under management.​​

    In closing, Fedotov noted that issues of commission (ours are lower than foreign ones) are the result of price wars, competition and the reliability of funds, as well as the fact that Finam, BKS and Yandex.Market are selling practically over the internet without opening accounts, and this will lead to a large-scale conservative client often entering retail and thus ETF has a big future. On this optimistic note, the first seminar in the series “Step-by-step Instructions for the Russian Stock Market” came to an end.

  • 01 Jun 2016 3:24 PM | Olga Zhurkina (Administrator)

    On June 1 at the Kazan Bar, the CFA Association held a business breakfast on the theme “Effects of macroeconomic and political changes on asset management: risks in the Russian market”. 

    Sharing their views on the country’s present and future were Business New Europe editor and publisher Ben Aris and founding partner and chairman of the research firm GaveKal-Dragonomics and GaveKal Research Limited, Charles Gave.

    Ben Aris spoke about how, unlike all previous crises that Russia has faced, the current crisis is one of the most painful: the upsets of 1998, 2004, 2008 affected mainly the stock market, but now the problems have “come out” into the streets, affecting the ruble and therefore every one of us. Salaries in the country have contracted for the first time in many years and have become lower than in China.

    DSC04506 (2)_640x481.jpg

    Among the main dangers and risks Aris pointed to stagnation. As he explained, “For an economy in a transitional period, investments should grow by 20–27%, which did happen in 2006 and 2007 in the boom period, so it is extremely important now to avoid stagnation. He furthermore noted that the economy is doing better than everyone expected. Thus, last year there was a banking crisis, but we didn’t notice it. Accordingly, politics have come to the forefront. “In 2005, during the boom, we let opportunities for structural reform pass us by, as we were drunk on oil, and now we are simply forced to apply them,” he said.

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    Aris suggested that Russia’s strength lies in its population. “MTC is the biggest telecommunications company in Europe. Yandex is the biggest search company in Europe. Everyone thinks that this is an oil country, but I consider it a consumer market. Russia is number one in sales of children’s toys, automobiles, milk, and many other goods. Of course, the crisis has led to some adjustments, but we hope that the sanctions will be lifted in six months.” Aris believes that under Vladimir Putin, Russia has become a normal country. “They call Putin a dictator, but I personally would choose another word to describe a man under whom the economy grew tenfold. I arrived here in 1993 and I’ve experienced all the positive changes myself.” According to a study carried out by the brand agency Landor Associates and the publication Russia Beyond The Headlines, Russia’s president, if seen as a brand, is the second most popular in the country after Russia itself. That says a great deal.

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    The French economist Charles Gave dedicated his presentation to an analysis of bear markets. “We find ourselves in a bear market if the index falls by 20% compared to last year,” he explained. “Under this definition, since 1971 when I started out, the MSCI World Index has faced a bear market five times.” An interesting fact in relation to this, is that all bear markets occur during periods of recession, and the longer the recession lasts, the longer we won’t see any bull markets. Gave refrained from suggesting an exact date for the end of the present downturn, letting each person present come up with a solution for this problem on their own.


  • 21 May 2016 3:29 PM | Olga Zhurkina (Administrator)

    Two weeks before the real CFA exam, on May 21, 2016, the Live Mock CFA Exam was held in Moscow, organized by the CFA Association Russia together with Kaplan Schweser and the Department of Finance and Banking of the Russian Academy of National Economy and Public Administration (RANEPA).

    ​This mock exam is a traditional May event for the Association and each year it attracts great attention from candidates for CFA certification. 


    This year 150 volunteers took part in the trial exam. Testing was held at RANEPA and lasted six hours, observing all rules set by the CFA Institute, and the questions given fully corresponded to the real exam in form and content. Thus, all participants in the Live Mock CFA Exam got the opportunity to get a complete picture of the upcoming CFA exam, and upon completion they could get a detailed explanation of each question, as well as feedback on each subject area of the exam and a comparison of their own results with other participants’ results. Access to the self-evaluation tool was provided by the specialized platform SchweserMock.com.​


    Executive director of the CFA Association Russia Vladimir Tutkevich noted that by participating in the mock CFA exam, students could get an outside, independent appraisal of their knowledge. “The Live Mock CFA Exam is a great opportunity to not only test your skills in finance and investment analysis, but also to prepare for the real CFA certification exam, which will be held on July 4.” He wishes all candidates success.

  • 28 Apr 2016 3:32 PM | Olga Zhurkina (Administrator)

    On April 28, CFA Association Russia held a business breakfast at Kazan Bar in downtown Moscow.

    Offering their views on the present and future market for venture investment in Russia were Oskar Hartmann, founder of KupiVip, Fast Lane venture fund and main investor in CarPrice, and Pavel Bogdanov, general partner in Almaz Capital. ​​​

    Oskar Hartmann who started developing businesses at the age of 17 by sending 25 packages across Germany, talked about the secrets of his companies’ success. 


    This businessman frequently acknowledged that he was not an innovator. Rather, he would place himself among distributors. “I’m not inventing anything new, I’m just spreading technology to places that don’t have it yet. I make a high-quality copy of something valuable and useful and transfer it to Russia.” ​

    In 2004 he came to Russia with the idea of creating online shops based on the concept of value for money, which had already been successfully applied in the West. Contrary to the stereotype widespread among Russian entrepreneurs that Russia has a special path, and foreign business models just don’t survive in this country, Oskar Hartmann was certain that any idea working in three markets and having a capitalization of 1 billion+ could be successfully applied in Russia. The example of KupiVip serves as the best confirmation of this: in its first year, the company made 6.3 million in revenues, in the second year 28 million, and in the third and fourth years it generated 52 and 117 million dollars, respectively. As Hartmann admitted, “There are people who create a business, and there are businesses that create people – that’s KupiVip.” In 2010 Russia took first place internationally in the online-shopping market.​


    As he sees it, today there is a potential for 20 other internet businesses to develop with a capitalization of US$ 1 billion+. The businessman decided to build all these businesses, and in 18 months he founded 18 companies. Today many of these businesses have been successfully sold to international companies, including Amazon. As Hartmann put it, “The main business killer is not the state and taxes, it’s people themselves who don’t want to create something and destroy the idea in the bud, or a market that just doesn’t need the given business.”


    Pavel Bogdanov talked about Almaz Capital, the most famous venture fund operating in the former Soviet Union for the past eight years. The fund focuses mainly on Eastern Europe, where there are fine engineers and programmers – the heirs to Soviet technical schools – but not many managers and experts in the field of venture capital. Almaz Capital works with a fringe funds model. This technique was invented in Israel and involves a business expanding to a new market while maintaining all its technology in the place it was founded.


    The business breakfast ended with a Q&A session, where members of CFA Association Russia and their guests were mainly interested when Russia might stop copying technologies and begin to create its own. Oskar Hartmann mentioned such companies as Abbyy, Mail.ru, Yandex, Viber, Parallels, etc., that have a fine reputation in the West and also demonstrate a good example of local innovation.

    Oskar Hartmann remains optimistic about this country: "Russia contains only 2% of the world population, but it creates much more technology and exceeds its human potential by 2.5 times. Of course, we have greater things to strive for. Thus, Israel with 0.1% of the world population somehow outpaces us in innovation. We should therefore continue working on improving our indicators."​​


  • 06 Apr 2016 3:35 PM | Olga Zhurkina (Administrator)

    The CFA Association (Russia) held its annual main dinner, the Forecast Dinner, at the Tchaikovsky restaurant.

    While the dinner took place, its speakers made recourse to classic quips like "Prophesy is a good line of business, but it is full of risks" and for the most part they preferred to refrain from making forecasts and talk instead about their current professional concerns.

    The dinner went hand in hand with an intense schedule of events, and Vladimir Tutkevich rightly called it "intense": even the Central Bank representative Sofia Donets – and at the Central Bank they work around the clock – found it a challenge to speak about her predictions at 11 o'clock in the evening.


    On this "night of predictions", George Orlov, head of FI for EBRD Russia, choose to share his thoughts about what is going on with the banking system in Russia today. As he sees it, "The system is still alive, banks are still holding on, though clearly they aren't going through the best times. The cleanup continues, and in my opinion it's the right thing, but it's costing the state a lot; already one trillion rubles have been lost. The quality of banks' asset has declined since 2013. They are facing problems finding sufficient capital, and banks' profitability has fallen due to various factors."


    Orlov recommended that banks take a calmer, less risky path by focusing on risk management, which should be "smart" like never before. They shouldn't chase after the crowd – here he pointed to the example of Transaero – and they shouldn't rush into new investments. As the banker summed up his outlook, "They should store up reserves, as the crisis might be a long one. The banks which adapt to these factors will be able to save their business."

    Nitin Mehta from the CFA Institute's EMEA Region put the investment industry under the microscrope, although he forgot about making a forecast, quoting Mark Twain's line "Prophesy is a good line of business, but it is full of risks". There clearly weren't enough forecasts from the first two speakers, so when Antal Russia managing director Michael Germershausen took the stage, CFA Association (Russia) president Neil Withers tried to provoke him and turn the discussion back towards making forecasts: "Tell me, Michael, will I still have a job next year?" According to Germershausen and Antal Russia, this year 46% of companies plan to raise salaries, though Russian companies will do this somewhat reluctantly. Only 29% of companies plan to cut salaries.


    Energy industry expert Dominique Fache, general director of RTF and a former director of Schlumberger, offered some advice to oil, energy, and all Russian companies in general, which even entailed a forecast: "They need to make a choice: either football or science. Try science first…" He sees science and universities as underfunded, especially when it comes to the private sector. "Several institutions have been set up in Russia, but there's no innovation," Fache said. "There are no small and mid-sized companies that are making innovations. In the big companies there's too great a distance between their head and their feet, when innovation is really a matter of flexible solutions." He repeated: one must find a new wave, new young people, who will promote innovation in Russia.


    Tatyana Safonova from KPMG, to avoid the wearying concept of "prospects", dived into the matter of derivatives. She nevertheless offered a few suggestions: in the near future, the number of trades with derivatives will sharply increase, and even small companies will make them. The volatile state of hedging transactions will grow more and more difficult, they will become increasingly risky. As Safonova explained, "Soon we'll see many trades with structured deposits. They should also, though they can't for various reasons, develop credit default swaps, as well as weather derivatives, since the latter are in a sluggish state due to the lack of tax legislation."


    Russian Central Bank economist Sofia Donets was cautiously optimistic: she believes that downward trends, increased volatility, and falling prices dominate at the moment. By the end of the year, Russians' salary expectations will still be in the red zone, but at lower levels than in 2015.

    As Donets reminded those present, "In 2015 two trillion rubles of oil and gas revenues were lost from the budget, and this year two trillion more have been lost, so it's four trillion rubles total. This hole is equal to the size of all other reserves." She suggested that in this ever more difficult situation, the Ministry of Finance could take one of four courses: "The first and best choice is to wait for oil prices to rise. Fortunately, our colleagues from the Ministry of Finance don't rely on it so much. A second option is to increase the tax burden, especially on sectors. The third is to use other sources of borrowing to allocate federal loan bonds, and privatization could be somewhere out there, too. The fourth and most promising path is to cut spending. This is the only smart way to go."


    With regard to Central Bank policies, Donets warned listeners, "We will be tight for at least the next 18 months or two years – take your own guess – as long as inflation doesn't reach 4%." In addition, according to this regulator representative, the end of 2016 and the first half of 2017 will be a good time for careful and patient investors, who spend a lot of time on analyzing and carefully choosing sectors to invest in. This will also be a time of renewed lending, both in the corporate sector and in the consumer sector.


    Ivan Ilushin​, Head of Research, VTB Asset Management​, dared to give listeners some concrete predictions. He believes that over the next months, the market will reach a turning point. Ilushin also believes in the Central Bank's forecast that inflation will be in the region of 4% in 2016. According to this expert, what is happening now in Russian shares will happen in ETF funds or global funds, which choose from a very small set of high-quality liquid securities without paying attention to small-cap companies, and here there is obviously room for growth. Some of his more specific predictions were: managers conservatively forecast that oil will stay at $45 this year, and for 2017 it will be $52. Dividends from Russian stocks will be in the region of 4%, while the ruble fixed income for the next year, in this manager's opinion, will be restored.


    (By Daria Maslova Finbuzz.ru​)

  • 30 Mar 2016 3:45 PM | Olga Zhurkina (Administrator)

    30 марта в "Казан баре" на Цветном состоялся бизнес-завтрак «Новые тенденции на рынке недвижимости: Европа 2016» (Emerging Trends in Real Estate: Europe 2016). Руководитель Группы по оказанию услуг компаниям сектора недвижимости PwС в России Доктор Хольгер

    Мюллер представил результаты ежегодного опроса, проведенного ULI Russia и PwC в конце 2015 года, а также отдельно сделал уклон в своем выступлении на привлекательность группы с точки зрения инвесторов.

    Открывший мероприятия исполнительный директор Ассоциации CFA (Россия) Владимир Туткевич подчеркнул востребованность данной темы членами ассоциации CFA. «За последние два года российская экономика прошла непростой путь. И несмотря на то, что в 2015-м инвестиции

    в недвижимость выросли по сравнению с 2014 годом, они все равно существенно отстают от вложений в Центральной Европе», - пояснил он.

    Исследование «Новые тенденции на рынке недвижимости» проводится на протяжении двадцати лет и покрывает всю Европу. Издание 2016 года отражает мнения 550 стратегов рынка, включая представителей крупнейших европейских фондов недвижимости, ведущих брокеров и других

    экспертов. С их помощью были проранжированы 28 главных городов Европы и обоснованы перспективы их дальнейшего развития.

    Доктор Хольгер Мюллер отметил, что за последний год уверенность инвесторов в секторе недвижимости возросла. Выделяя некоторые тренды 2016 года, он пояснил, что 52% респондентов выразили интерес в приобретении первичных активов. Также 50% участников опроса

    считают, что альтернативные сектора недвижимости предлагают хорошие возможности для вложений.

    Говоря о наиболее привлекательных европейских рынках недвижимости, Мюллер подтвердил, что Лондон остается главным европейским центром, назвав его «золотым стандартом». В то же время столица Великобритании заняла лишь 15 строчку в рэнкинге европейских городов

    2016 года, проиграв пять позиций по сравнению с 2015 годом. «Среди основные причин падения рейтинга Лондона инвесторы называют его переоцененность», - сообщил Х. Мюллер. Первую строчку рэнкинга занял Берлин. В отличие от Парижа и Лондона этот город долгое

    время оставался недооцененным. Сейчас ситуация начинает выправляться. «Кроме того, на сегодняшний день экономика Германии – самая сильная в Европе, что тоже влияет на позитивное восприятие города инвесторами», - отметил автор презентации. В числе лидеров рэнкинга

    также отмечались Гамбург, Дублин, Мадрид и Копенгаген. Париж поднялся с 24 места на 22-е, однако политическая нестабильность вкупе с высокой арендной платой являются сдерживающими факторами для инвесторов.

    Москва, как и в прошлом году, оказалась на последнем, 28 месте. Исследование показало, что столица России вызывает у инвесторов умеренно-пессимистичные настроения. Они подкрепляются и цифрами. Общий объем рынка московской коммерческой недвижимости сократился

    примерно на 20-40% в долларовом выражении, кроме того, жилая недвижимость наиболее привлекательна для вложений. Отвечая на вопрос аудитории о причинах, останавливающих инвесторов от вложений в российский рынок, Хольгер Мюллер отметил следующие факторы: законодательство

    и процентные ставки.

    Мероприятие завершилось сессией вопросов и ответов, во время которой доктор Хольгер Мюллер дал некоторые пояснения касательно как общего взгляда на европейский рынок недвижимости, так и на Москву как объект инвестиций в этой сфере.

    Полную версию мероприятия можно посмотреть по ссылке.

CFA Association Russia. Ассоциация CFA (Россия) не занимается вопросами приема документов и сдачи экзаменов - это исключительная сфера Института CFA. По всем вопросам, связанным со сдачей экзаменов CFA (Levels I, II, III) просьба обращаться по адресу info@cfainstitute.org

mailto: info@cfarussia.ru

Please send correspondence to: Edelweiss Center, Block 1, 1st floor, 3 Davydkovskaya street, Moscow 121352 Russia

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