Raiffeisen Capital

What Raiffeisen Capital does

Raiffeisen Capital (legal name: OOO «UK Raiffeisen») is a Russian asset management company founded in 2004 and operating as a subsidiary of AO Raiffeisenbank, itself part of the international Raiffeisen banking group headquartered in Austria. The firm is headquartered at Smolenskaya-Sennaya Square 28 in Moscow and holds two unlimited-term Bank of Russia (formerly FSFR) licenses: #21-000-1-00640 for investment fund management (issued 21 April 2009) and #045-10230-001000 for securities trust management (issued 31 May 2007). It is ranked among the Top-5 Russian management companies by assets in open and exchange-traded funds at end-2023 (investfunds.ru) and carries an AAA.am maximum reliability rating from the National Rating Agency, confirmed on 2 June 2026.

The company operates three core product lines: (1) open-end mutual funds (PIFs) covering Russian equities, government and corporate bonds, multi-currency replacement bonds and eurobonds in USD/EUR, gold, commodity-sector equities, short-term savings vehicles, and income-paying variants — totaling 12 mutual funds; (2) trust management strategies (ДУ) including a key-rate-linked «Key Income» strategy targeting up to 14.3% annual return, short-term and government bond strategies, and a diversified «All-Weather Portfolio»; and (3) Individual Investment Accounts (IIS) with bond, equity, and balanced strategies offering tax deductions up to 88,000 RUB annually. Distribution is multi-channel: a full-featured iOS/Android mobile app and web personal account (my.raiffeisen-capital.ru) enable self-service retail investing with minimums as low as 10 RUB for the Savings fund, while Raiffeisenbank acts as official agent for accepting applications and settling income payments. A dedicated corporate sales team serves pension funds, insurance companies, endowment funds, and businesses.

The revenue model is AUM-linked and recurring, with annual management fees ranging from 0.49% to 2.49% of average asset value across PIFs and trust management vehicles, plus entry/exit commissions (0–3%), success fees on some strategies, and a 1% IIS replenishment fee. Marketing relies on digital content (weekly/monthly analytics, tax education campaigns, IIS landing pages) rather than paid acquisition. No revenue, AUM, or headcount figures are publicly disclosed, and there are no funding rounds on record — the firm operates as a self-sustaining subsidiary of Raiffeisenbank.

Name

Raiffeisen Capital

Legal name

Obshchestvo s ogranichennoy otvetstvennostyu «Upravlyayushchaya kompaniya Raiffajzen» (Limited Liability Company «Management Company Raiffeisen»)

Website

https://raiffeisen-capital.ru

Company type

Private

Founded year

2004

Operating status

Operating

Short description

Raiffeisen Capital is a Russian licensed asset manager (OOO «UK Raiffeisen»), founded 2004 and part of the Raiffeisen banking group, offering open-end and closed-end mutual funds (PIFs), trust management strategies, and Individual Investment Accounts (IIS) to retail and corporate investors in Russia.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industries

Multi-Asset Absolute Return & Diversified Macro Funds (FSAAAJAH), Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ), Balanced & Allocation (Multi-Asset) Funds (FSAAAEAD), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Mutual fund management
• Trust management services
• Asset management
• Individual investment accounts
• Portfolio management

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Management Fees (PIFs): Annual management fees included in unit prices, ranging from 0.89% to 2.49% of average asset value depending on the fund. Fees cover UC management, specialized depository, registrar, and auditor commissions.
2. Trust Management Fees: Annual percentage from average asset value or from total contributions, charged upon full withdrawal or periodically (year, quarter, or month). Additional fees for rebalancing, partial/early withdrawal, and success fees may apply.
3. Transaction Fees (PIFs): Entry fees (allowance/surplus) and exit fees (discount) applied to unit purchases and sales. Some funds have 0% entry fees. Exit fees range from 0% to 3% depending on holding period.
4. IIS Account Management: Annual management fee from average asset value (e.g., 0.89% for Bonds IIS, 2.49% for All-Weather Portfolio IIS, 0.49% for Shares IIS) plus 1% replenishment fee.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Raiffeisen Capital manages pooled investments through three core product lines: open-ended and closed-end mutual funds (PIFs) covering Russian equities, government and corporate bonds, multi-currency replacement bonds and gold; trust management strategies (ДУ) including the key-rate-linked Key Income strategy and bond portfolio strategies; and Individual Investment Accounts (IIS) with tax-deduction benefits for retail investors. The firm also delivers dedicated corporate investment solutions for businesses, pension funds, insurance reserves, and endowment funds. Operations are supported by a self-service mobile app, web personal account, and Raiffeisenbank distribution.

Product overview

Raiffeisen Capital (ООО «УК Райффайзен») is a Russian asset management company offering three main product lines: (1) Open-ended mutual funds (ОПИФ) including equity funds (Акции, Компании роста, Сырьевой сектор, Акции с выплатой дохода), bond funds (Облигации, Корпоративные облигации, Мультивалютные облигации, Облигации с выплатой дохода, Накопительный), and commodity funds (Золото); (2) Trust management strategies (ДУ) including Ключевой доход, short-term bond strategies, government bond strategies, and Всепогодный портфель; and (3) Individual investment accounts (ИИС) with strategies in bonds, equities, and balanced portfolios. The company also serves corporate clients and offers a mobile application for online investing. All products are actively managed by professional portfolio managers who analyze economic conditions and select financial instruments.

Differentiator

Problem solved

Functional benefit

Brands

• PIF «Raiffeisen — Aktsii»: Open-ended mutual fund investing in Russian equities.
• PIF «Raiffeisen — Obligatsii»
• PIF «Raiffeisen — Kompanii rosta»
• PIF «Raiffeisen — Syrievoy sektor»
• PIF «Raiffeisen — Zoloto»
• PIF «Raiffeisen — Korporativnye obligatsii»
• PIF «Raiffeisen — Mul'tivalyutnye obligatsii»
• PIF «Raiffeisen — Nakopitelny»
• PIF «Raiffeisen — Obligatsii s vyplatoj dokhoda»
• PIF «Raiffeisen — Aktsii s vyplatoj dokhoda»
• ZPIF «Raiffeisen — Razvivayushchiesya rynki»
• Strategy «Klyuchevoy dokhod»
• IIS (Individual Investment Account) strategies

Products and services

• ПИФ «Райффайзен — Акции» (Raiffeisen — Equities PIF) Open-ended mutual fund investing in Russian equities, providing diversified exposure to the Russian stock market through active professional management. Targeted at retail investors.
• ПИФ «Райффайзен — Облигации» (Raiffeisen — Bonds PIF) Open-ended mutual fund of Russian government and corporate bonds offering fixed income exposure with diversification across federal loan bonds, regional bonds, and reliable corporate bonds; currently available with 0% entry commission.
• ПИФ «Райффайзен — Компании роста» (Raiffeisen — Growth Companies PIF) Open-ended mutual fund investing in Russian company stocks with high growth potential (rebranded from the former Dividend Equities fund and merged with the Growth Shares fund in December 2025).
• ПИФ «Райффайзен — Сырьевой сектор» (Raiffeisen — Commodities Sector PIF) Open-ended mutual fund providing sector-specific exposure to Russian commodity and raw materials producers through actively managed equity positions.
• ПИФ «Райффайзен — Золото» (Raiffeisen — Gold PIF) Open-ended mutual fund providing exposure to gold prices through exchange-traded instruments that mirror physical gold price dynamics, aimed at investors seeking commodity diversification.
• ПИФ «Райффайзен — Корпоративные облигации» (Raiffeisen — Corporate Bonds PIF) Open-ended mutual fund investing in bonds of Russian companies, providing diversified corporate bond exposure (historical 3-year return of 37.93%).
• ПИФ «Райффайзен — Мультивалютные облигации» (Raiffeisen — Multi-Currency Bonds PIF) Open-ended mutual fund investing in replacement bonds and eurobonds nominated in USD and EUR held in Russia, designed to reduce the infrastructure risks of foreign-currency exposure via ETF shares.
• ПИФ «Райффайзен — Накопительный» (Raiffeisen — Savings PIF) Open-ended mutual fund investing in short-term Russian corporate bonds (floating-rate floaters and instruments with predictable returns), with 0% commission on purchase and sale of units; minimum investment 10 RUB.
• ПИФ «Райффайзен — Облигации с выплатой дохода» (Raiffeisen — Bonds with Income Payments PIF) Open-ended mutual fund of Russian government and corporate bonds providing regular quarterly income payments to unitholders; minimum investment 50,000 RUB.
• ПИФ «Райффайзен — Акции с выплатой дохода» (Raiffeisen — Equities with Income Payments PIF) Open-ended mutual fund investing in Russian dividend-paying company stocks, combining equity exposure with regular income distributions.
• ЗПИФ «Райффайзен — Развивающиеся рынки» (Raiffeisen — Emerging Markets Closed-End PIF) Closed-ended mutual fund investing in financial instruments of developing markets, registered with Bank of Russia in December 2023.
• Стратегия ДУ «Ключевой доход» (Key Income Trust Management Strategy) Trust management strategy investing in floating-rate Russian government bonds whose income follows the Central Bank key rate; interest accrues daily on the full invested amount with target annual returns up to 14.3%; minimum first investment 10,000 RUB with replenishments from 1,000 RUB and no exit commission.
• Стратегия ДУ «Короткие облигации — 6 месяцев» (Short-Term Bonds — 6 Months DU Strategy) Short-term trust management strategy investing in Russian corporate bonds with a 6-month exit window; minimum investment 100,000 RUB with replenishments from 10,000 RUB.
• Стратегия ДУ «Короткие облигации — 1 год» (Short-Term Bonds — 1 Year DU Strategy) Short-term trust management strategy investing in Russian corporate bonds with a 1-year exit window and recommended holding period.
• Стратегия ДУ «Государственные облигации — 3 года» (Government Bonds — 3 Years DU Strategy) Trust management strategy investing in Russian government bonds with a 3-year exit window.
• Стратегия ДУ «Всепогодный портфель» (All-Weather Portfolio DU Strategy) Diversified trust management strategy combining multiple asset classes for a balanced portfolio with equity-component growth potential; recommended minimum term 3 years.
• ИИС «Облигации» (IIS Bonds) Individual investment account (IIS) trust management strategy investing in Russian government bonds with average 5-year maturity; minimum 10,000 RUB investment and annual tax deduction up to 88,000 RUB.
• ИИС «Акции» (IIS Equities) Individual investment account trust management strategy investing in Russian equities; minimum 125,000 RUB investment with tax deduction benefits.
• ИИС «Всепогодный портфель» (IIS All-Weather Portfolio) Individual investment account with diversified strategy combining multiple asset classes for balanced investing, with IIS tax benefits.
• Мобильное приложение УК Райффайзен (UK Raiffeisen Mobile Application) Mobile application (iOS and Android) enabling online investing in mutual funds and trust management strategies, portfolio monitoring, tax qualification verification, report downloads, investment lessons, and portfolio composition review.
• Корпоративные инвестиционные решения (Corporate Investment Solutions) Dedicated investment management service offering trust management, closed-end funds, pension fund asset management, and insurance company asset management for corporate clients including businesses, non-state pension funds, insurance companies, and endowment funds.

Quantifiable outcome

• Up to 14.3% annual return on Key Income strategy with daily interest accrual
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• AO Raiffeisenbank (Райффайзенбанк)coreChannel Partner/ Reseller/ DistributorRaiffeisenbank operates as official agent for accepting applications for investment unit operations (PIFs) and trust management contracts. Provides banking infrastructure for income payments to investor accounts. Agent license: FCKB Russia #177-02 900-100 000 from 27.11.2000, unlimited validity.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• BlackRock: Global asset management incumbent; relevant as a structural benchmark for fund platforms, fee models, and multi-asset product design, though not a direct Russian-market competitor given geographic restrictions.
• Vanguard: Global asset management incumbent with strong index/passive capabilities; comparable in mutual fund structure and long-term retail wealth accumulation philosophy, but operates only outside Russia.

Direct peers

• Alfa-Capital (Альфа-Капитал): Russian asset manager affiliated with Alfa-Bank; offers open-ended mutual funds, IIS strategies, and trust management. Competes directly with Raiffeisen Capital in retail PIFs and bank-distributed investment products.
• Sberbank Asset Management (Сбер Управление Активами): Largest Russian asset manager; manages open-ended mutual funds, trust management strategies, and IIS accounts across equities, bonds, and multi-asset portfolios. Directly competes with Raiffeisen Capital in retail PIFs and trust management, with far larger AUM and captive Sberbank distribution.
• URALSIB Asset Management (Управляющая компания УРАЛСИБ): Asset management subsidiary of URALSIB Financial Group; manages PIFs and trust management portfolios. Competes in the same Russian retail and institutional asset management space with bank-distributed products.
• Gazprombank — Asset Management (Газпромбанк — Управление активами): Asset management arm of Gazprombank; offers PIFs and trust management for retail and corporate clients. Direct competitor with bank-captive distribution, comparable product breadth.
• VTB Capital Asset Management (ВТБ Капитал Управление Активами): Asset management arm of VTB Group; offers PIFs, trust management, and pension fund mandates. Direct competitor in the Russian retail and institutional fund space, with similar product set including bond, equity, and multi-asset funds.
• BCS Asset Management (БКС Управление активами): Asset management subsidiary of BCS Financial Group; manages open-ended PIFs and trust management portfolios in Russian equities and fixed income. Direct competitor in mid-tier Russian asset management.
• T-Investments (formerly Tinkoff Investments): Digital-first brokerage and asset management arm of T-Bank; offers mutual funds, IIS accounts, and discretionary strategies via mobile app. Direct competitor in Russian retail self-service investing with strong digital UX overlap.
• Renaissance Asset Management (Ренессанс Управление Активами): Mid-tier Russian asset manager offering mutual funds and trust management strategies across fixed income, equities, and multi-asset. Comparable product positioning in Russian retail asset management.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/raiffeisen_ru
• Facebookfacebook.com/raiffeisenbankrus

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raiffeisen Capital