The rating is true for 28th July, 2009.

During the first 6 months in 2009 the vast majority of open-end and closed-end Unit Investment Trusts have demonstrated the growth of NAV (Net asset value) which is mostly caused by the growing dynamics of the stock market.

Management is not expecting the inflow of money – the significant outflow from some funds is more probable, and it will have a disastrously negative impact on their NAV.

Compared to the beginning of last year, the alignment of forces on the market of UITs has not changed this year. Just like 6 months ago, the three leaders here are management companies UralSib, Troika Dialog, and Alfa Capital (1st, 2nd and 3rd place respectively), which are still controlling almost 40% of the total value of NAV of the open-end and closed-end UITs.

The 4th place is occupied by the management company Moscow Bank, whose NAV has grown by 52% during the last 6 months and has reached $4,8 billion by the end of June. In the end of last year the 4th place was occupied by the management company Rosbank,

which is now on the 13th place in the rat

ing. The total NAV of this management company has decreased by 62% (from RUR 4 billion to RUR 1,5 billion)within the last 6 months, being the worst absolute index.

Such a significant change of NAV is partially connected with the rapid outflow of money from some UITs conrolled by

the management company Rosbank.

For example, according to the information resource Investfunds, the outflow of money from just one of the UITs (the open-end UIT Granat) equaled to RUR 1,9 billion within the first 6 months of 2009.

The worst relative index was shown by the management company TatInc, whose total NAV has decreased by 86% and now equals RUR 0,67 billion.

The 5th leader is, as in the beginning of the year, OFG Invest company (Deutsche UFG Capital Management) with the index being RUR 4,6 billion.

The largest management companies in the first 6 months of 2009:
# Management company Total NAV of the management company funds NAV share in the management Number of funds
1 UralSib 11 932,82 15,25 10
2 Troika Dilaog 10 987,25 14,04 14
3 Alfa Capital 7 288,67 9,31 15
4 Management company of the Moscow Bank 4 756,40 6,08 15
5 OFG Invest (Deutsche UFG Capital Management) 4 644,02 5,93 5
6 Aton-management 3 668,38 4,69 6
7 CIT FortisInvestments 3 002,32 3,84 15
8 Raiffeizen Capital 2 806,64 3,59 10
9 Management-consulting 2 156,88 2,76 3
10 Renaissance Investments Management 1 708,65 2,18 5