The Bulgarian Association of Asset Management Companies (BAAMC) was established on November 30, 2004 by 8 management companies as the first professional association of portfolio managers of mutual funds in Bulgaria. Currently, 30 licensed asset management companies are members of the Association.
The Bulgarian Association of Asset Management Companies (BAAMC) is a member of the European Fund and Asset Management Association (EFAMA). EFAMA represents the European business of investment management and works to protect investors and promote the key role of the fund industry for financing the economy.
The main task of BAAMC is to promote the management of financial assets performed by its members. Its goal is to affirm the high professionalism and ethics in the industry, so that trust in the fund industry remains high. In addition, the Association works to make the products offered by the asset management companies more recognizable and useful by Bulgarian investors. In order to achieve its goals, BAAMC cooperates closely with the institutions that have an influence on the development of the capital market in Bulgaria – the Financial Supervision Commission, the Bulgarian Stock Exchange (Sofia) AD, the Central Depository AD, the National Assembly of the Republic of Bulgaria, the Ministry of Finance, as well as with similar international associations.
The Bulgarian Association of Asset Management Companies:
- collects and disseminates among its members up-to-date information on all issues that have or will have significance for their activity, including on adopted or forthcoming changes in the legislation applicable to the activity of members;
- organizes and summarizes the exchange of opinions and proposals of its members on drafts of regulations, which refer to the activity of the asset management companies in Bulgaria or which would be related to the goals of the Association and the activity of its members;
- develops in the name of its members and proposes for consideration by the respective public institutions and professional organizations proposals for changes in the respective legislation, as well as programs, analyzes, expert assessments and studies in connection with the development of a capital market in Bulgaria;
- facilitates participation of its members or representatives of the Association in expert commissions or councils to the respective state institutions and organizations;
- establishes contacts and participates in related international professional organizations;
- organizes meetings, seminars, conferences, symposia and other forums on current issues concerning the activity of the asset management companies in Bulgaria;
- issues and distributes printed materials regarding the activity of the asset management companies in Bulgaria, opens and maintains a website;
- carry out other activities permitted by legislation, which may be related to the implementation of the goals.