INVESTMENT FUNDS ON THE SECURITIES MARKET

Abstract

The article is dedicated to a comprehensive analysis of the investment funds market in Ukraine, its current state, development trends, and prospects in the context of global economic challenges and opportunities. Emphasis is placed on the structure of assets under management (AUM) for the period of 2019–2023, key trends such as the growth of venture funds, and the impact of economic, political, and regulatory factors on this segment of the financial market. The role of government domestic bonds (OVDP) as a stabilizing element for the financial market and a primary investment tool in Ukraine is also examined separately. The study highlights the main challenges hindering the development of the investment funds market in Ukraine, including insufficient investor trust, weak regulatory frameworks, low levels of financial literacy, limited access to global capital markets, and a lack of asset diversification. Regulatory and structural aspects of the market are analyzed through successful case studies from Poland, the Czech Republic, the United States, and Western European countries, which can be adapted to the Ukrainian context. Special attention is given to the importance of implementing international standards such as the Global Investment Performance Standards (GIPS) to ensure transparency, enhance competitiveness, and integrate with international markets. The article also explores the impact of global trends on Ukraine's investment funds market, particularly the use of digital technologies and platforms for asset management automation, venture funds, real estate funds, and other innovative investment tools. Based on the analysis, a market development forecast up to 2025 is provided, with an anticipated increase in assets under management to 700–750 billion UAH. The practical recommendations in the article are aimed at improving Ukraine's investment environment through regulatory reforms, the introduction of new financial instruments, the activation of financial literacy educational programs, stimulating foreign investments, and fostering venture capital development. These measures are expected to increase investor trust, expand access to financial instruments, integrate Ukraine's investment funds market into the global financial system, and strengthen its position as a key element of the national economy. Thus, the article combines an analytical approach to market research, an examination of international experience, and strategic recommendations for the development of investment funds in Ukraine in the context of global challenges and opportunities.