On 11 February 2025 the Bulgarian Association of Asset Management Companies (BAAMC) celebrated its 20th anniversary with a special event at Boyana Residence. The President of the Association, Mrs. Natalia Petrova, opened the event, welcoming representatives from the FSC, MF, BSE, CD, SANS, BALII, BASPSC, ABB, ABI, ABIRD and NCGU, as well as the members of the BAAMC and all its partners.
Special guests of the event were the EFAMA Director, Mr. Tanguy van de Werve, as well as the following members: Thomas Richter and Cvetelina Todorova (Germany), Mira Veljic (Slovenia), Jan Pricop (Romania) and Snezhana Popovska (Macedonia).
Ms. Petrova stressed that for these two decades the association has been a benchmark for high ethical principles, high professionalism and standards for the development of the Bulgarian capital market and increasing investor confidence. She presented a summary of the development of the association from its establishment to the present moment, focusing on the key milestones and results achieved, among which the following stand out:
- When the association was established in 2004, there were 8 members and currently there are 41 members, of which 30 are regular members and 11 are associate members.
- The BAAMC has worked to increase the visibility and promotion of the products offered by management companies among Bulgarian investors.
- The Association actively participates in working groups and contributes to improving the legislative framework and reducing the administrative burden on
- The BAAMC supports the activities of its members by developing and maintaining a number of internal acts and standards which they use in their daily work.
- The BAAMC actively cooperates with the Bulgarian Stock Exchange and the Central Depository to modernise and develop the market infrastructure, ensuring stability and security for all participants.
- The Association is an active member of EFAMA, which enables it to participate in the processes shaping the future of the European investment market.
- Over the years, BAAMC has worked to increase financial literacy by organising courses for brokers and investment advisers in partnership with BALIP.
- In recent years, the association has devoted significant resources to promoting the asset management industry and raising financial literacy.
Ms. Petrova paid special attention to the challenges ahead in the changing modern world of capital markets, stressing that BAAMC will continue to actively work to find effective solutions and collaborate with capital market participants locally and internationally. Key priorities include:
- Eurozone and the introduction of the euro, a process fraught with many uncertainties and challenges, requiring key decisions to be taken.
- Enhancing competitiveness at European level – adapting to a dynamic global financial environment.
- Turning savers into investors – promoting a culture of investment as a tool for long-term growth.
- Enhancing financial literacy – continuing initiatives to educate the general public and the professional community.
- Closing the innovation gap between Europe and America – stimulating innovation and technological development within European capital markets.
- Develop alternative business financing models – promote sustainable and flexible sources of capital.
- Reducing regulatory burdens – simplifying the regulatory framework and easing reporting requirements for market participants.
- Creating a Capital Markets Union – building a single, integrated and efficient capital market in Europe.
A welcome speech was also given by Mr Tanguy van de Werve, Director of EFAMA, who highlighted several key aspects:
- The impact of regulation in Brussels – decisions taken at European level have a significant impact on financial markets and active work is being done to reduce the regulatory burden on management companies.
- The role of BAAMC in European legislation – although regulatory decisions in Brussels often seem distant for Bulgarian asset management companies, thanks to its active participation in EFAMA, Bulgaria has a voice in the processes of shaping the European regulatory framework.
- The importance of BAAMC for the development of markets and products in Europe – the association plays a key role in building a more competitive and innovative investment environment.
With these words, Mr. van de Werve underlined the importance of effective cooperation between national and European institutions for the development of capital markets.
A welcoming speech was also delivered by Mr. Vasil Golemanski, Executive Director of the Central Depository and Deputy Chairman of the Board of Directors of the Bulgarian Stock Exchange, who stressed the importance and role of the BAAMC for the development of the capital market in the country and wished many years of success and fruitful cooperation.
As a token of appreciation for his long-standing commitment to the association, Mr. Evgeny Jichev received a special award from the official sponsor of the event, Zornitsa Family Estate. Mrs. Petrova welcomed him on stage with the words. The man who has been by our side every day. Ladies and gentlemen, please let us applaud Evgeny for his incredible contribution to the development of BAAMC and the Bulgarian capital market.”
The evening ended with a festive mood, celebratory cake and wishes for many more years of success and development of BAAMC in support of the Bulgarian capital market.
Photos from the event can be seen here:
