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Report: Otkritie Bank mulls new investment platform with focus on retail clients

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Report: Otkritie Bank mulls new investment platform with focus on retail clients

Otkritie Financial Corp. Bank is merging its asset management and brokerage units into Otkritie Investments, a single platform offering products for novice investors, professional traders and institutional investors, RBC news agency reported Oct. 3.

The integration of the units under one brand will help Otkritie Group reduce operating expenses and streamline management, according to Viktor Nikolaev, Otkritie Bank's management board member, who will oversee the platform.

Currently, the total value of client assets under the management of the two Otkritie units amounts to around 1 trillion Russian rubles. Otkritie Investments plans to increase the figure to 1.5 trillion rubles by the end of 2020 and will focus on working with retail investors, hoping to double the number of its retail clients to 750,000 by 2021, Nikolaev told the newswire.

As of Oct. 3, US$1 was equivalent to 65.70 Russian rubles.