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 Original Expat Capital and Asset Management Logo |
|
|
Native name |
Експат Асет Мениджмънт ЕАД |
|---|---|
| Company type | Private |
| Industry | Investment management, Asset management |
| Founded | 2006 |
| Founder | Nicola Yankov |
| Headquarters | Sofia, Bulgaria |
|
Key people |
Nicola Yankov (Chairman) Nikolay Vasilev (CFA, Managing Director) Daniel Donchev (CFA, CEO) |
| Products | Mutual funds, Exchange-traded funds, Portfolio management, Investment advisory |
| Parent | Expat Capital AD |
| Website | www.expat.bg |
Expat Asset Management EAD (Bulgarian: Експат Асет Мениджмънт ЕАД) is a licensed Bulgarian investment-management company based in Sofia.
It is a wholly owned subsidiary of Expat Capital AD, one of the largest independent financial groups in Bulgaria, offering asset-management, and wealth-management services.[1][2]
Expat Asset Management manages a family of compliant mutual funds and UCITS–exchange-traded funds (ETFs) and provides discretionary portfolio-management and advisory services to private and institutional clients.[3] The company’s head office is located at 96A Georgi S. Rakovski Street in central Sofia and employs approximately 20 professionals.
The Bulgarian capital market expanded in the 1990s following privatisations and the establishment of the Bulgarian Stock Exchange (BSE). After Bulgaria joined the European Union in 2007, the sector was harmonised under EU directives such as MiFID and the UCITS Directive.
Independent firms began competing with bank-affiliated managers. Expat Capital positioned itself as an alternative to traditional institutions, providing global investment access for Bulgarian and international clients.
Expat Capital AD was founded in 2006 in Sofia, Bulgaria by economist and former Deputy Minister of Economy Nicola Yankov.[4]
The company began as a private financial firm focused on investment management and financial advisory services for private clients. Its founding team included economists and professionals with international experience, among them Nikolay Vasilev, a former Deputy Prime Minister and Minister of Economy of Bulgaria.[5]
In its early years, Expat Capital focused on managing individual investment portfolios and building long-term relationships with private and institutional investors in Bulgaria and abroad. The company positioned itself as an independent alternative to the country’s dominant banking sector.
In 2007, the group established Expat Asset Management EAD, licensed by the Financial Supervision Commission (Decision No. 1574-УД) (Bulgaria) as an asset-management company.[3]
This allowed the company to create and manage mutual funds and, later, exchange-traded funds (ETFs) under the European UCITS framework.
Between 2010 and 2015, Expat expanded its operations into global fixed income and equity funds structured under UCITS III and IV.
In 2016–2017 the company gained broader public attention with the launch of the Expat Bulgaria SOFIX UCITS ETF, the first Bulgarian-domiciled ETF, tracking the main Bulgarian stock-market index SOFIX.[6]
The fund became the first Bulgarian ETF listed on the Xetra platform of Deutsche Börse and on the London Stock Exchange (LSE), offering investors EU-regulated access to the Bulgarian equity market.[7]
Following its success, the company introduced a suite of single-country ETFs covering the leading indices of Poland, Czech Republic, Hungary, Romania, Croatia, Greece, Slovenia, Slovakia, Serbia, and North Macedonia. This positioned Expat as the first Bulgarian issuer offering a region-wide ETF platform across Central and Eastern Europe (CEE).[8]
By 2021 Expat Capital marked its 15th anniversary, with clients from more than 30 countries and dozens of managed funds.
As of 2025, the group continues to expand into new thematic strategies, including gold, global art, and fixed-income portfolios, maintaining a focus on transparency, innovation, and professional risk management.[9]
Regulation and investor protection
[edit]
Expat Asset Management operates under Bulgarian and EU regulation for collective investment schemes and alternative investment funds, complying with the Law on Collective Investment Schemes and Other Collective Investments (ZDKISDPKI), AIFMD and UCITS directives.
Depositories include Eurobank Bulgaria, United Bulgarian Bank, UniCredit Bulbank, CACEIS Bank, ING, Santander, Raiffeisen Bank International, Keler (Hungary), Citibank Ireland, and Baader Bank AG.
Client assets are safeguarded through international clearing systems (Clearstream, Euroclear, SIX SIS, DTCC, Bank of New York Mellon (BNY).) and valued daily using Bloomberg Terminal and similar systems.[10]
Funds are audited annually by independent auditors and supervised by the FSC.
The company is a member of the Bulgarian Association of Asset Management Companies (BAUD).[11]
Expat Asset Management is connected to Clearstream’s Vestima platform, enabling access to more than 125,000 mutual funds, ETFs and hedge funds from 37 jurisdictions. Its own ETFs are also eligible for settlement through Clearstream. The company also maintains a distribution partnership with Amundi, allowing Expat clients to invest in the full range of Amundi mutual funds beyond those passported specifically for Bulgaria.
Daily valuation of financial instruments in client portfolios is performed through market data systems such as Bloomberg Terminal in accordance with international best practices.[10], and audited annually by independent auditors, and supervised by the Financial Supervision Commission (FSC). Expat Asset Management is also a member of the Bulgarian Association of Asset Management Companies (BAUD).
Operations and services
[edit]
The group offers the following main business lines:
- Portfolio management – customised investment portfolios of equities, bonds and funds.
- Collective investment schemes – mutual funds and ETFs across asset classes.
- Global market access – execution and custody across more than 100 exchanges worldwide.[1]
- Financial planning and advisory services – including tax, inheritance and risk-analysis consulting.
- Alternative investment strategies – funds focused on gold, real estate and art.
Discretionary portfolio management
Expat Asset Management publishes indicative model portfolios for conservative, balanced and higher-risk profiles, showing target allocations across developed and emerging-market equities, government and corporate bonds and commodities.
Expat manages individual investment accounts for private and institutional clients under written mandates. Portfolios are structured according to the client’s risk profile and investment objectives. Client assets are held off balance sheet in segregated accounts at depository banks, and the firm may operate them only within the mandate agreed in the investment management contract.
Institutional and white-label services
Expat provides infrastructure and outsourced services for investment intermediaries and management companies, including order execution, settlement, custody, reporting, and full white-label asset-management solutions. The company also assists partners in licensing and administering mutual funds, alternative funds and exchange-traded funds under the partner’s trademark, as well as in listing financial instruments on foreign exchanges.
Trading infrastructure
The company maintains working relationships with more than 50 brokers in over 20 countries and provides access to most global markets and asset classes. Transactions are executed on a delivery-versus-payment (DVP) basis, intended to eliminate operational and credit risk. Custody may be arranged on a segregated or omnibus basis, and non-market operational risks are insured under a professional liability policy by Colonnade Europe.
The ETF range is structured as accumulating UCITS funds. The PRIIP key information documents for Expat ETFs states a recommended holding period of five years, reflecting the volatility of Bulgarian equities and the fund’s risk–return profile.
| Fund | Index tracked | Country | ISIN | Exchanges |
|---|---|---|---|---|
| Expat Bulgaria SOFIX UCITS ETF | SOFIX | Bulgaria | BG9000011163 | BSE Sofia / Xetra / LSE |
| Expat Poland WIG20 UCITS ETF | WIG20 | Poland | BGPLWIG04173 | BSE / Xetra |
| Expat Hungary BUX UCITS ETF | BUX | Hungary | BGHUBUX01189 | BSE / Xetra |
| Expat Romania BET UCITS ETF | BET | Romania | BGROBET05176 | BSE / Xetra |
| Expat Croatia CROBEX UCITS ETF | CROBEX | Croatia | BGCROEX03189 | BSE / Xetra |
| Expat Slovenia SBI TOP UCITS ETF | SBI TOP | Slovenia | BGSLOBI02187 | BSE / Xetra |
| Expat Slovakia SAX UCITS ETF | SAX | Slovakia | BGSKSAX04187 | BSE / Xetra |
| Expat Serbia BELEX15 UCITS ETF | BELEX15 | Serbia | BGSRBBE05183 | BSE / Xetra |
| Expat Czech PX UCITS ETF | PX | Czech Republic | BGCZPX003174 | BSE / Xetra |
| Expat Greece ASE UCITS ETF | ATHEX Composite | Greece | BGGRASE06174 | BSE / Xetra |
| Expat Macedonia MBI10 UCITS ETF | MBI10 | North Macedonia | BGMACMB06181 | BSE / Xetra |
Specialised products include the Expat Gold AIF (tracking the LBMA Gold Price PM Index) and the Expat Bulgaria Short SOFIX Fund which inversely tracks SOFIX.[13]
Expat Asset Management also manages a family of actively managed mutual funds (UCITS) providing access to global fixed income and equity markets.
All funds are authorised by the Financial Supervision Commission (Bulgaria).[14]
| Fund | Strategy and investment objective | ISIN | Risk class (1–7) | Depositary |
|---|---|---|---|---|
| Expat Global Bonds Mutual Fund | Aims to achieve stable income and capital preservation through investment in high-quality sovereign, supranational, and corporate bonds from developed markets. | BG9000014092 | 3 (medium-low) | Eurobank Bulgaria AD |
| Expat Euro Liquidity Mutual Fund | Invests primarily in short-term euro-denominated government and corporate bonds with investment-grade ratings and average duration of about 1.5 years. | BG9000015180 | 2 (low) | Eurobank Bulgaria AD |
| Expat Emerging Markets Equities Mutual Fund | Invests in equities of large and mid-cap companies from emerging markets in Asia, Latin America, and Eastern Europe. | BG9000013275 | 5 (high) | Eurobank Bulgaria AD |
| Expat Natural Resources Mutual Fund | Focuses on global companies in energy, mining, and raw materials sectors; may include commodity-linked instruments. | BG9000008227 | 6 (high) | Eurobank Bulgaria AD |
| Expat Amaranth Mutual Fund | Provides diversified exposure to developed-market equities, primarily in the United States and Western Europe. | BG9000012236 | 6 (high) | Eurobank Bulgaria AD |
All Expat mutual funds are open-ended and allow daily subscription and redemption at the next calculated net asset value (NAV).
All Expat mutual funds are accumulating funds and do not distribute dividends; income is reinvested back into the portfolios. According to their key information documents, the recommended holding period is typically three to five years for the equity-oriented strategies and around one year for the short-duration Euro liquidity fund. Subscriptions and redemptions are executed on a daily basis at the next calculated net asset value.
Each fund discloses management fees, performance fees, and total expense ratios in its KID and prospectus.[14]
Alternative vehicles
[edit]
- Expat Global Art AD – investing in fine artworks.
- Magenta Investments REIT – a real-estate investment trust holding commercial and residential assets in Bulgaria [15]
Assets under management
[edit]
According to industry reports, Expat Capital manages several hundred million BGN in client assets as of 2025, with clients in more than 30 countries.[9][1]
Assets are allocated across its ETF range, actively managed mutual funds, and discretionary portfolios. Historical AUM data indicate steady growth since the launch of its first ETFs in 2016.
Trading venues and listings
[edit]
Expat’s exchange-traded funds are listed on multiple regulated markets, including the Bulgarian Stock Exchange, Deutsche Börse’s Xetra platform, and in some cases, the London Stock Exchange.[7][8]
This cross-listing structure enables international investors to gain exposure to CEE equity markets through a regulated UCITS vehicle.
Investment philosophy and process
[edit]
The company applies a combination of active and passive investment approaches, depending on the fund category.[10]
Active vs. passive strategies
[edit]
- Exchange-traded funds (ETFs): passively track selected national indices using full physical replication, rebalanced in line with the underlying index methodology.
- Mutual funds: actively managed portfolios of equities or fixed-income instruments, seeking outperformance relative to global benchmarks through security selection and macroeconomic analysis.
ESG and sustainability approach
[edit]
As of 2025, Expat Asset Management does not classify its funds under SFDR Article 8 or 9, but applies basic environmental, social and governance (ESG) screening in its due-diligence process.[1]
Benchmark methodology for ETFs
[edit]
Each ETF replicates the composition and weightings of its respective local benchmark index, such as SOFIX (Bulgaria), WIG20 (Poland), BET (Romania), and others, through direct investment in underlying constituents.[13][6]
Rebalancing occurs when the benchmark provider updates its index composition or corporate actions require adjustments.
Management and governance
[edit]
- Nicola Yankov – Founder and Chair of Expat Asset Management; former Deputy Minister of Economy and Transport. He graduated from Cornell University (USA) in 1994.
- Nikolay Vasilev, CFA – Managing Director; former Deputy Prime Minister and Minister of Economy (2001–2003) and Minister of State Administration (2005–2009).[5] He has been a CFA charterholder since 1999 and was elected President of the Bulgarian CFA Association in November 2023. He is also the author of four books.
- Dimitar Kostadinov – Managing Partner. He is a managing partner at Entrea Capital and a former director at UBS.
- Daniel Donchev, CFA – Chief Executive Officer, 2018 – present
- Gloria Nikolova – Director of Client Relations and CEO of the Chartered Financial Analyst Society Bulgaria.
- Konstantina Pergelova – Back-Office Director.
Corporate advisory and listings
[edit]
Expat Capital also acts as a strategic consultant for Bulgarian companies seeking access to international capital markets. The firm served as the listing consultant for Shelly Group (formerly Allterco JSCo) during its secondary listing on the Frankfurt Stock Exchange‘s Regulated Market (Prime Standard), making it the first Bulgarian company to be directly admitted to a foreign regulated market.[16] Subsequently, in April 2024, Shelly Group became the first Bulgarian company traded on the Xetra platform through the “EuroBridge” dual listing segment established by the Bulgarian Stock Exchange and Deutsche Börse.[17]
