Custodial management of pension savings: Russian and foreign experience of leading countries
Abstract. The article reveals the specifics of custodial management implementation of pension savings and its further improvement. The need for the latter is due to some key factors: increasing financial security of pension savings, introducing the latest technologies, effective differentiation of the investment portfolio, and the country economic situation. The purpose of the research is to study the foreign experience of organ-izingand conducting custodial management of pension savings and applyingit in practice in Russia. The main problems inherent in the Russian pension system have been identified: insufficient transparency in the activities of custodial organizations and, as a result, the need to improve reporting, lack of highly qualified personnel, and the need for modern automated technology introduction. The analysis for the experience of foreign countries (USA, Cana-da, the Netherlands, Australia) has shown the main advantages in organizing and conducting their custodial management of retirement savings. Based on this analysis, the recommendations and suggestions for Russia are presented. The results obtained con-firmed the need for improving the Russian system of custodial management of pension savings in the field of increasingtransparency in the activities of such organizations by improving accountability, educating and training highly qualified personnel, and introducing the latest automated technologies.
Keywords: custodial services, custodial management, pension assets, pension savings, asset management, pension funds, fiduciary approach.
Highlights:
- the main strategy for developing custodial management of pension savings is introducing the latest automated technologies;
- custodial organizations should increase transparency of their activities;
- it is necessary to develop educational programs for training personnel in custodial management of pension savings.
Mikhail N. Lavrov - State University of Education, Moscow, Russia, Gnessin Russian Academy of Music, Moscow, Russia; Ekaterina V. Semenkova - State University of Education, Moscow, Russia