RETROSPECTIVE ANALYSIS OF INVESTMENT INFRASTRUCTURE FORMING IN UKRAINE

Abstract

The article is devoted to the study of the role for institutional investors (investment funds and investment companies) as an infrastructural component of mass privatization in Ukraine in the 1990s. It is determined and specified that investment funds and mutual funds of investment companies (both open and closed types) were set up, first of all, as a specific institution and mechanism to accumulate the privatization property certificates from citizens of Ukraine, which were necessary for implementation of the mass privatization model that was introduced in Ukraine. The paper analyses the main stages of these financial intermediaries’ formation, as well as the specifics of their activity related to the limitations in portfolio management of securities purchased in exchange for privatization certificates. Also, the positive and negative aspects of their activity, are analyzed. It is researched in the article the issues related to investment funds and investment companies state framework regulation withing different periods, as well as termination of their activities in the post-privatization period and the main problems that emerged during the liquidation of investment funds or their further reorganization.