The urgency of the issue under research takes place due to the fact that the institutional system forms prerequisites for economic development of regions and affects the rate of economic growth and welfare of the population not only at the local, but also at the federal level. The article reveals the peculiarities of the institutional aspect of regional development, gives recommendations on the improvement of institutions to smooth the unevenness of regional development. As a scientific and methodological basis, the methods of analysis and synthesis are used in the work, which allow to reveal the features of regional institutions at the present stage. The use of statistical data reflecting the main characteristics of Russian regions made it possible to reveal that regions develop unevenly both in time and in space. The reasons for this are insufficient performance efficiency of institutions, which duplicates the powers of federal and regional authorities, the state’s participation in realizing ownership rights in the private property system, insufficient protection of property rights, bureaucratic procedures, and financial problems in the Russian economy. The above-mentioned shortcomings in the system of regional institutes reduce the competitiveness of regions, and reduce the volume of investments, which leads to further strengthening of their uneven development, and exacerbating the issue of income differences of the population. The authors believe that in order to improve the system of regional institutions and overcome the asymmetry, it is necessary to systematize resources, develop differentiated interaction at the regional and federal levels, and evaluate the effectiveness of the decisions made with the help of leading indicators in business cycle phases.

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Collective investment is a type of investment whereby the monetary resources of individual investors are pooled together and managed by a professional fund manager for the purpose of their subsequent profitable allocation. As a collective investment tool, mutual investment funds are a relatively new and attractive money investment scheme for Russian investors, including those who lack investing experience, because mutual funds are an affordable financial instrument. The article defines the main collective investment institutions. It is observed that mutual investment funds have a number of benefits, as well as drawbacks, as compared to other collective investment institutions. The article provides a definition of the investment institutions, a comparison of their main features, as well as a characteristic of investment tools of mutual investment funds, joint stock investment funds and private pension funds.

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