The Nature of the Agency Problem of Investment of Funds of Ordinary Unqualified Investors

The problem of decent provision in old age is one of the key problems of any national economy. Now there is a crisis not only of state pension system, but also of alternative market models of pension savings. This problem is especially acute in Russia, which is characterized not only by stagnation of the institution of classical state pension, but also by the weak development of market institutions of pension savings. Nevertheless, the orientation of citizens to the formation of their own pension programs seems inevitable from the state’s point of view even now, and in due course will be realized by an increasing part of the population. In this regard, the creation of modern institutional environment for investment of funds of ordinary unqualified investors is becoming increasingly important. The key participants in the formation of this environment are the state and the professional community (trustees, fund management companies, information and rating agencies, professional media, etc.). Taking into account the specifics of ordinary investors, the state introduces the appropriate category of “unqualified investors” in most countries, for which the investment opportunities are limited only by highly liquid markets (for example, exchange markets). As long-term studies show, the best strategy in these markets (which has high information efficiency) is passive investment with the widest possible diversification (index investment). However, this strategy does not meet the interests of the majority of participants in the investment industry – currently there dominates so-called active approach to asset management based on various methods of investment analysis. This allows them to maximize the income of professional market participants, but does not necessarily maximize the income of investors. This conflict of interests is currently poorly understood by most of ordinary investors, but it is the basis of agency problem of investment in highly efficient markets. The identification of this problem allows to determine the main directions for it’s overcoming or minimization.