Formulation of investment strategy by non-banking financial institutions

The study focuses on the formation of investment strategies for non-bank financial institutions (NBFIs) in Ukraine. Amidst financial sector transformation and wartime challenges, NBFIs play a growing role in capital formation and maintaining financial stability, necessitating effective and adaptive strategies. The objective of this study is to substantiate theoretical and methodological approaches and practical recommendations for forming NBFI investment strategies in Ukraine's dynamically developing financial markets. The research methodology includes methods of systematization, comparative analysis of foreign and domestic experience, and SWOT analysis of the investment environment were applied. A phased model for forming investment strategies was developed. Three main types of investment strategies (income-oriented, conservative, balanced) were identified. Their application by leading Ukrainian NBFIs was analyzed, revealing a predominant conservative approach (OVDP, deposits). SWOT analysis identified opportunities (green finance, European integration) and threats (inflation, currency risks). A unified phased model for NBFI investment strategy formation was proposed. The results are valuable for NBFIs in improving investment strategies, enhancing competitiveness, and adaptability. Recommendations will contribute to informed decision-making by investors and the regulator. Theoretical and methodological approaches to forming NBFI investment strategies in contemporary Ukrainian realities have been substantiated. Domestic NBFI investment strategies have been systematized and compared with international experience. An adapted phased model for NBFI investment strategy formation has been developed. Future research directions should focus on in-depth analysis of adaptive strategies, the impact of ESG factors, modeling investment risks, studying European integration consequences, and applying AI/ML in financial strategies. These areas of research will contribute to the further development of theoretical foundations and practical recommendations for the formation of effective and sustainable investment strategies of non-bank financial institutions in Ukraine.