Investment company financial house. General Director of the Financial House Investment Company Yuri Gavrilov on the prospects of the stock market. CJSC IC Financial House registration details

Investment company "Financial House" is the oldest financial institution and one of the most dynamically developing similar companies in the Western Urals, combining a wide range of investment services. Investment company "Financial House" was registered in Perm on July 1, 1992, the first license to operate in the securities market as an investment company was received on December 23, 1992.

The investment direction presented by the Financial House Investment Company is one of the most important in the company’s activities. The company provides brokerage service on transactions with all types of securities of Russian issuers, trust management securities.

Client business is one of the main components of the activities of a team of professionals who create the most convenient conditions for investing in securities of Russian joint-stock companies. In our work, we constantly follow the basic principle of focusing on working with each client.

In the national ranking professional participants market, compiled by the NAUFOR association, the company is classified in the reliability category - BB. In May 2003, CJSC IC "Financial House" became a laureate of the national competition "Elite stock market 2002" in the category "Company of the Bill Market".

The company is able to develop and successfully implement projects to attract long term investment For Russian enterprises through investments in real estate under construction.

The company takes a conservative view when it comes to private investments and offers personalized advisory services to individual clients. A professional manager participates in drawing up the client’s investment strategy, in forming a portfolio, determining the volume of required funds, and also monitors the status of the client’s account and provides analytical data and recommendations on the current market situation.

The Perm investment company “Financial House”, one of the few remaining Perm participants in the professional stock market of Russia, celebrated its 25th anniversary. The company, whose beneficiary is the famous Perm entrepreneur Dmitry Rybolovlev, continues to invest in Russian companies and sells a number of investment projects. Yuri Gavrilov, General Director of CJSC Investment House Financial House, spoke about the development of the stock market, investments in Russian companies, projects in the Perm region and the company’s new strategy.

You have been observing the Russian and Perm stock markets almost from the moment of its formation. Describe what happened and what is now. Has the market developed or is it still far away from the “adult” stage, by Western standards?

From the “childish” state of the early 90s of the twentieth century, the Russian stock market today has become much more “mature”. Passing through the line financial crises, it has developed into an industry with clear regulation and a large number of professional participants, including international companies operating in Russia.

The maturity of the stock market was most clearly demonstrated in 2014–2015. On Russian economy sanctions and a sharp drop in oil prices hit. However, despite this, the stock market recovered quite easily and continued to develop. And already in December 2015, sovereign bond yields returned to pre-crisis levels - around 4.75% for eight-year bonds denominated in US dollars.

The market infrastructure is developing dynamically. Behind last years new ones are actively coming into circulation investment instruments. For example, individual investment accounts- they help investors minimize losses from income taxes.

- How does the Russian stock market compare to other markets?

In recent years, I have attended many international conferences and tried to find an alternative to the Russian securities market. A maximum of four to five developing economies have the characteristics of the Russian stock market. Precisely in terms of infrastructure, in terms of liquidity, scale and growth potential. Without unnecessary pathos I can say: Russian financial market- is one of the leaders of emerging markets (developing markets. - "Kommersant-Prikamye").

Who is our competitor? Brazil, Mexico, Türkiye, South Africa. They are comparable in size to the Russian market, but almost all of our competitors have local problems associated with a negative foreign trade account balance and high levels of public debt, and political instability in these countries adds uncertainty about the future.

- And China?

And of course, China. But not everything is so simple there either. In the entire history of the development of the Chinese stock market, of our companies, only Rusal was able to place “panda bonds” and attract financing from the huge market of the Celestial Empire. It is very difficult to enter the Chinese market, and even more difficult to exit.

Therefore, the answer to the first question is very optimistic. Yes, Russia has come a long way since the early 1990s. A developed financial infrastructure has emerged, the basis of which is the MICEX. The largest open joint-stock companies have become truly “blue chips”, one of the best among emerging markets. Our issuers' bonds offer the best risk-return ratio. An indicator such as P/E (price/earnings. - "Kommersant-Prikamye"), on the Russian stock market is now 6.88. In turn, the average Debt/EBITDA ratio for the Russian market is 2.2. These are very good odds.

- Continuing the topic: are there still any Perm blue chips left?

Things are more complicated with Perm blue chips. The consolidation of Perm assets into vertically integrated holdings, which has been going on for several decades, has led to the fact that there are practically no blue chips left in the Perm region. You can count on your fingers - very little. These are, for example, Uralkali and Avisma. And this trend, unfortunately, will continue.

Maybe we could somehow protect ourselves in the Perm Territory and make conditions more attractive and improve the investment environment in order to preserve these “blue chips”. But it seems that the time for this has already passed.

- How have Perm companies - participants in the stock market - transformed over the past time?

The business models of investment companies in the 1990s were “tailored” to income from large-scale regional privatization, but this ended long ago. Everyone had to look for a different business model.

The Perm market is becoming more segmented: large federal investment companies are coming to the Kama region, which seriously compete with local investment companies in the retail sector of the investment business.

Perm companies need to find themselves in other segments and offer better services. If they succeed, then they can feel quite comfortable in today's stock market model. I assume that Perm “boutique” companies that offer services different from the standard set of “federal lines” have a good chance of successful work. For example, in the niche of serving wealthy citizens.

- How does IC “Financial House” feel in the current situation?

- “Financial House” has performed different functions over 26 years of history. During the years of privatization, he helped consolidate assets in the Perm region. But even then the company began to position itself as a family-office - a private, independent organization that manages family savings.

Over the years, we have maintained our principles. The company operates on the basis of a balanced market strategy, a creative approach to trading, harmoniously combining investment instruments and adequate risk perception.

Last year, Financial House expanded its range of services. In fact, from the classic family-office, we began to position ourselves as a boutique for trust management. We focus on clients of the local market, where we are well known.

Despite its low public fame, the Financial House has long-term partnerships with almost all market makers Russian market and the main players at European level. Our experience, knowledge and competencies allow us to carry out transactions anywhere in the world.

- What kind of clients are these?

Mostly wealthy citizens who have a request for personalized service. A client with a small account cannot afford such service.

- What amount are we talking about?

We imagine a client starting from 15 million rubles.

- How do you compete with banks?

Investment companies are actually helped by lower bank interest rates on deposits. For example, interest rates on deposits in rubles decreased over the year by 1.39% (maximum interest rate for ruble deposits individuals ten largest Russian banks as of June 2017 - 7.79%, as of June 2018 - 6.4%). We invest in fixed income bonds with the same risk, and often less risk, than in banks. Movement in the betting market allows investment companies to withdraw money from bank deposits and operate with it on the stock market with unconditional better conditions. The simplest example: bonds of the same Sberbank are more profitable than a Sberbank deposit. The same issuer provides clients with different returns in different products.

Investment companies have the following additional options at their disposal: repo transactions, lending against them, derivatives market, foreign exchange transactions, Eurobonds, bonds in other currencies, transactions with shares finally. Clients of investment companies receive more services compared to a bank deposit, and at the same time have higher income than on bank deposits.

I would like to mention the service for repo transactions. It is important precisely as a tool for optimizing the debt burden on the client’s business. Repo rates today are much lower than a bank loan (7–8% per annum), which allows the client to significantly reduce debt servicing costs.

- What kind of profitability do your clients expect from you? What kind of profitability did you provide to clients in 2017?

The average return on client portfolios under trust management with a conservative strategy in 2017 was 12.67% in rubles and 6.95% in dollars. For comparison: the MICEX index fell by 5.5% in 2017, and when compared with bond yields, in 2017 the growth in 10-year Treasurys was only 3.45%. Thus, we have almost doubled the return on the risk-free instrument.

A dollar return of 5–6% per annum is in most cases accepted as an acceptable result. Due to age and fatigue from stress, clients are usually faced with the task of saving money.

Are there more and more clients interested in investing in the stock market in Perm? What are the results of the first half of 2018 in terms of trust management?

Perm residents are actively considering other options for saving their money, besides bank deposit. Thus, in the first half of 2018, our client base grew by 50% of the indicators approved in the business plan.

As for the results, over the six months of this year, the assets of private clients within the framework of trust management in the securities market increased by 27.4%. Compared to the first half of 2017, the assets of individuals increased by 221%. And this is a very good result.

You said that the key product of the Financial House is trust management. The company manages the assets of Dmitry Rybolovlev, a businessman and philanthropist. Does this connection interfere with being an independent fiduciary?

The presence of such a beneficiary is ours competitive advantage. This speaks of financial stability and the reliability of our company. The Financial House has come a long way with him. Moreover, we continue to invest cash shareholder in the purchase of promising Russian companies.

Having such a beneficiary is essentially a hedge credit risks. When clients come to a small company, they should always be careful: what if the shareholder goes bankrupt, or what if problems arise as a result of which the assets will be blocked. The Financial House has zero such risks.

For local investment companies having such a shareholder is a unique situation. Clients, as a rule, go to large companies for reliability, and we can provide the same level of comfort and reliability, working in global markets and being a Perm company.

Interview conducted by Vyacheslav Sukhanov

CLOSED JOINT STOCK COMPANY "INVESTMENT COMPANY "FINANCIAL HOUSE"

Categories

• Other financial intermediation / Activities of holding companies in the field of financial intermediation
• Wholesale/ Other ratailing
• Construction / Construction of buildings and structures

Intended goods and services, according to OKPD:

• Services of joint stock investment funds
• Other financial intermediation services not included in other groups (except for investment fund services and dealer services)
• Financial intermediation services not included in other groups, other
• Mutual fund services
• Dealer services for carrying out transactions with securities on their own behalf and at their own expense
• Other financial intermediation services not included in other groups
• Investment fund services

Archival extract

Mini-information on CJSC "IC "FINANCIAL HOUSE"

CJSC "IC "FINANCIAL HOUSE", Moscow, registration date - May 25, 2006, registrar - Interdistrict Inspectorate of the Federal Tax Service No. 46 for MOSCOW. Full official name - CLOSED JOINT STOCK COMPANY "INVESTMENT COMPANY "FINANCIAL HOUSE". The organizations were assigned OGRN 1067746626090 and TIN 7743596611. Legal address : 125130, MOSCOW, st. KLARY TSEKIN, 29. The main activity is: "Activities of holding companies in the field of financial intermediation." The company is also registered in such categories as: “Other wholesale trade”, “Construction of buildings and structures”. General Director - Kovalkov Oleg Naibovich. Organizational and legal form (OPF) of CJSC "IC "FINANCIAL HOUSE" - closed joint stock companies. Type of ownership - private property.

Taxes and fees for 2018

Paid organization CJSC "IC "FINANCIAL HOUSE"(TIN 7743596611) taxes and fees for 2018, according to the Federal Tax Service:

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