Importance Currently in Russia, there is an urgent need to justify the choice of asset management companies for investing pension savings of non-governmental pension funds. However, the choice of time interval is not a trivial task, leading to various 'pitfalls' in the course of subsequent decision-making. Objectives The aim of the paper is to develop a method to choose leaders and outsiders among asset management companies in terms of profitability of pension funds management at various stages of economic cycle, and to determine the most stable management companies under different economic conditions. Methods I analyze the profitability of pension savings management of the Russian Pension Fund among the largest Russian management companies from 2008 to 2014, and compare the proposed method with the commonly used one. Results The proposed method provides a better picture of the most and least profitable asset management companies in the period under investigation, and its results have greater practical value for investment in the future. The method eliminates management companies demonstrating good results only under certain economic conditions. Conclusions The evaluation of management companies’ performance at various stages of the economic cycle is more efficient as compared with evaluation during the interval from the year of crisis to the current moment. I offer a solution based on a balanced distribution of places by the efficiency of management among a group of asset management companies for unbiased investigation of results of trust funds management. NPF Nasledie applies this approach when choosing a management company.
Keywords: asset, management company, profitability analysis, distribution of seats, group
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