Purpose – The purpose of this paper is to describe development of Russian mutual fund (MF) market, to suggest and apply methodology of statistical analysis of management quality, to evaluate profitability and risks of the market.
Design/methodology/approach – Statistical research applies: descriptive statistics, correlation analysis, regression analysis, cluster analysis, ratings, transition probability, optimal portfolio theory. 
Findings – Russian mutual market is growing both in number and in aggregate value of net assets. Profitability and risks of the market are high. 
Research limitations/implications – Statistical research was fulfilled on the data for 2004-2006. 
Practical implications – The results of the investigation are useful for investors and for managers of the funds. 
Originality/value – The paper represents an attempt of statistical investigation of Russian MF market, its profitability and risks, classification and rating of MFs and analysis of rating stability.