THE IMPACT OF INVESTMENT PERFORMANCE ON THE COMPETITION OF RUSSIAN PENSION MARKET
K.A. Tumanyants1, G.V. Timofeeva2, Yu.V. Timofeev3
1Volgograd State University, Universitetskiy ave., 100, Volgograd, Volgograd region, 400062
2Russian Presidential Academy of National Economy and Public Administration, Vernadskiy ave., 82, Moscow, Moscow region, 119571
3Frankfurt Sсhool of Finance & Management, SonnemannstraГџe 9-11, Frankfurt, Germany, 60314
Keywords: пенсионный фонд, управляющая компания, доходность, коэффициент Шарпа, конкуренция, pension fund, asset management company, return, Sharp coefficient, competition
Abstract
The paper is aimed to define the impact of the nominal return and Sharp coefficient, that derived from investment of pension savings, on the market power of pension funds or asset management companies in Russia. The models of linear and multiple regression don’t show significant link between the result of pension savings’ investment and client’s choice of retirement savings provider. The research proves the existence of weak motivation of agents to improve the quality of pension savings’ investment.
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