Issues of financial accessibility of the collective investment market and investment attractiveness of mutual funds: Evolution of scientific approaches to research
Evgenii D. FIRSOVFinancial University under Government of Russian Federation, Moscow, Russian Federation def656@mail.ru ORCID id: not available
Subject. This article discusses theoretical and applied aspects of ensuring financial accessibility of the collective investment market and enhancing the investment attractiveness of mutual funds. Objectives. The article aims to systematize the evolution of approaches to the issues of financial accessibility of the collective investment market and the investment attractiveness of mutual funds, develop practical solutions in the form of universal and thematic benchmarks, and propose information indicators that supplement the content of key information documents and trust management rules issued by asset management companies. Methods. For the study, I used a content analysis of scientific publications by Russian and international authors from the 2000s to the 2020s, and a documentary analysis of key information documents and trust management rules for 278 open-ended and exchange-traded mutual funds registered by the Bank of Russia as of early 2025. Results. The article systematizes the logic of the evolution of scientific approaches to the issues under study, and identifies four stages in both international and Russian research. It reveals shortcomings in information disclosure by asset management companies, particularly the absence or lack of transparency of benchmarks in mutual fund documents and develops algorithm-based procedures for selecting universal and thematic benchmarks for various categories of mutual funds. Relevance. The research findings can be used by asset management companies, developers of financial platforms and marketplaces, as well as by the academic community for further study and improvement of mechanisms aimed at enhancing the efficiency of the collective investment market in Russia.
Keywords: mutual fund, benchmark, financial inclusion, investment attractiveness, information transparency
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