Expat Asset Management EAD
| ExaptCapital's logo Original Expat Capital and Asset Management Logo | |
Native name | Експат Асет Мениджмънт ЕАД |
|---|---|
| Private | |
| ISIN | 🆔 |
| Industry | Investment management, Asset management |
| Founded 📆 | 2007 |
| Founder 👔 | Nicola Yankov |
Area served 🗺️ | |
Key people | Nicola Yankov (Chairman) Nikolay Vasilev (CFA, Managing Director) Daniel Donchev (CFA, CEO) |
| Products 📟 | Mutual funds, Exchange-traded funds, Portfolio management, Investment advisory |
| Members | |
Number of employees | |
| Parent | Expat Capital AD |
| 🌐 Website | www.expat.bg |
| 📇 Address | |
| 📞 telephone | |
Expat Asset Management, based in Sofia, Bulgaria, is an EU‑regulated asset manager operating under MiFID II / UCITS / AIF permissions (license since 2007)[1], with a product shelf spanning UCITS mutual funds, UCITS exchange traded funds (ETFs), AIFs, and personal (discretionary) accounts. It is a wholly owned subsidiary of Expat Capital AD[2], one of the largest independent financial groups in Bulgaria. The company’s head office is located at 96A Georgi S. Rakovski Street in central Sofia and employs approximately 20 professionals.
Background
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, 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.
History
Expat Capital AD[3] was founded in 2006 in Sofia, Bulgaria by economist and former Deputy Minister of Economy Nicola Yankov[4], on the eve of Bulgaria's accession to the EU. 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[1] (Bulgaria) as a MiFID II / UCITS/ AIFM management company. 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 later became the first Bulgarian UCITS ETF admitted to trading on Deutsche Börse’s Xetra platform[7], following its initial admission in 2017. Subsequent listings of additional Expat ETFs on Xetra were announced by Deutsche Börse in 2018[8] and [9].
Later, the company introduced a suite of single-country passive index ETFs covering the leading local equity indices of Poland, Czech Republic, Hungary, Romania, Croatia, Greece, Slovenia, Slovakia, Serbia, and North Macedonia. This positioned Expat as the first issuer offering a region-wide ETF platform across Central and Eastern Europe (CEE)[10].
By 2021 Expat Capital marked its 15th anniversary, with clients from more than 30 countries. As of Q3 2025, Expat communicated ~EUR 250 AUM and and around 2000 discretionary‑accounts across ~35–40 countries. Expat is the only manager from Central and Eastern Europe with ETFs listed on both Xetra (Frankfurt) and the LSE (London).
Regulation, Investor Protection and Connectivity
Expat Asset Management operates within the regulatory framework for collective investment schemes and alternative investment funds in Bulgaria and the European Union. Its activities comply with the Law on Collective Investment Schemes[11] and Other Collective Investments (ZDKISDPKI), the UCITS Directive and the AIFMD. The company is licensed and supervised by the Financial Supervision Commission (FSC), and all funds under management undergo annual audits by independent auditors.
Client assets are safeguarded through a network of licensed depositaries and custodial institutions, including Central Depository AD, United Bulgarian Bank AD, Eurobank Bulgaria AD, UniCredit Bulbank AD, Keler (Hungary), Crédit Agricole's subsidiary CACEIS Bank, Baader Bank AG, ING Bank, Santander, Raiffeisen Bank International AG and Citibank Ireland. In the course of securities settlement, assets may temporarily pass through major international clearing and settlement systems such as Clearstream Banking (Luxembourg and Frankfurt), Euroclear Belgium, Euroclear UK & Ireland, SIX SIS (Switzerland), the Bank of New York Mellon (USA), DTCC (USA) and KDD (Slovenia)[12], depending on the nature and location of the financial instrument.
Valuation of portfolios and trading of financial instuments and fund assets is performed daily using professional market-data platforms, including the Bloomberg Terminal, in line with international best practices. Expat Asset Management is also a member of the Bulgarian Association of Asset Management Companies (BAUD).[13]
The company maintains operational links with Clearstream’s Vestima platform, which provides access to more than 125,000 mutual funds, ETFs and hedge funds across 37 jurisdictions and enables settlement of Expat’s own ETFs through Clearstream. In addition, Expat has a distribution agreement with Amundi, offering clients access to Amundi’s broader range of mutual funds beyond those specifically passported for the Bulgarian market.
Operations and services
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[2] .
- 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
- A EU‑regulated provider with UCITS mutual funds, ETFs, AIFs, model portfolios and managed accounts, with Expat running manufacturing and regulatory operations.
- Xetra and LSE listings allow for product and market credibility, facilitating procurement and investment committee approvals.
- Bulgaria’s Eurozone on 01.01.2026 allows for EUR‑native, simplifying payroll flows, pricing, settlement, disclosures, and cross‑border servicing for euro‑area and regional rollouts.
Trading infrastructure
Transactions are executed on a delivery-versus-payment (DVP) basis, intended to eliminate operational risk 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, a subsidiary of Fairfax Financial.
Product shelf
Exchange-traded funds
Expat Asset Management's ETF range[14] 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 the CEE equity markets and the funds' risk–return profile.
Expat Asset Management is profiled by Deutsche Börse as an ETF issuer on Xetra[15].
| 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 ETF (AIF), launched as Bulgaria’s first gold-backed exchange-traded product [16] (tracking the LBMA Gold Price PM Index) and the Expat Bulgaria Short SOFIX ETF (AIF) which inversely tracks SOFIX[17].
Mutual funds
Expat Asset Management also manages a family of actively managed mutual funds (UCITS)[18] providing access to global fixed income and equity markets. All funds are authorised by the Financial Supervision Commission (Bulgaria).
| 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 (KIDs), the recommended holding period is typically three to five years for the equity-oriented strategies and around one year for the short-duration Expat Euro Liquidity fund.[19] 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[18].
Alternative vehicles
- Expat Global Art AD – investing in artworks.
- Magenta Investments REIT – a Sofia-listed real-estate investment trust holding commercial and residential assets in Bulgaria [20]
Assets under management
According to industry reports, Expat Capital manages around 250 million EUR in client assets as of 2025, rising from approximately 150 mln. EUR in 2024[21] , with clients in more than 30 countries[2]. Assets are allocated across its ETF range, actively managed mutual funds, and discretionary portfolios. Historical AUM data indicate steady growth since the founding of the company.
Trading venues and listings
Expat’s exchange-traded funds are listed[10] on multiple regulated markets, including the Bulgarian Stock Exchange, Deutsche Börse’s Xetra platform, and in some cases, the London Stock Exchange[22]. This cross-listing structure enables international investors to gain country-specific exposure to CEE equity markets through a regulated UCITS vehicle. Expat is the only ETF issuer on Xetra and the LSE from the CEE/Baltics region.
Expat’s ETFs are also admitted to trading on the London Stock Exchange.[23]
Investment philosophy and process
The company applies a combination of active and passive investment approaches, depending on the fund category[24].
Active vs. passive strategies
- 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
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.[2]
Benchmark methodology for ETFs
Each ETF replicates the composition and weightings of its respective local benchmark index, such as SOFIX (Bulgaria)[17], WIG20 (Poland), BET (Romania), and others, through direct investment in underlying constituents. Rebalancing occurs when the benchmark provider updates its index composition or corporate actions require adjustments.
Management and governance
Expat Capital operates as a holding structure that includes Expat Asset Management EAD, Expat Securities EAD, and several related financial-services companies. Its leadership team consists of professionals with backgrounds in international finance, economic policy and corporate governance.
- Nicola Yankov – Founder and Managing Partner; former Deputy Minister of Economy and Deputy Minister of Transport and Communication of Bulgaria. He holds a BSc from Cornell University (USA), class of 1994.
- Nikolay Vasilev, CFA – Managing Partner; former Deputy Prime Minister and Minister of Economy, Minister of Transport and Communications and Minister of State Administration.[5] He has been a CFA charterholder since 1999 and President of the Bulgarian CFA Association in November 2023. Former Senior VP at Lazard Capital Markets (London) and Associate Director at UBS. Nikolay holds an MA from Brandeis University (USA), class of 1997 and Keio University. He is also the author of four books.
- Dimitar Kostadinov - Partner. He is a founding partner at M&A advisor Entrea Capital, former executive director of ING Bank for Bulgaria, and ranked UBS analyst with postings in the New York, London and Tokyo offices.
- Daniel Donchev, CFA – Chief Executive Officer, 2018 - present. Former Head of Investment Strategies at Karoll Capital Management and Senior Portfolio Manager at NN (formerly ING).
- Gloria Nikolova – Director of Client Relations and CEO of the Chartered Financial Analyst Society Bulgaria.
- Konstantina Pergelova – Back-Office Director. Ppreviously held roles at Société Générale Expressbank, DSK Rodina Pension Assurance Company, and Standard Asset Management. She holds degrees in Finance and International Relations.
Corporate advisory and listings
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[25] (formerly Allterco JSCo)[26] during its secondary listing on the Frankfurt Stock Exchange, an admission confirmed by Deutsche Börse records. Subsequently, in April 2024, Shelly Group became the first Bulgarian company traded on Deutsche Boerse's Xetra platform.
See also
- Exchange-traded fund
- UCITS
- Bulgarian Stock Exchange
- SOFIX
- Financial Supervision Commission (Bulgaria)
- Emerging markets investing
References
- ↑ 1.0 1.1 "Public Register of Licensed Entities". Financial Supervision Commission (Bulgaria). Retrieved 5 November 2025.
- ↑ 2.0 2.1 2.2 2.3 "Expat Capital – Member of AmCham Bulgaria". American Chamber of Commerce in Bulgaria. Retrieved 5 November 2025.
- ↑ "Expat Capital – Member Profile". Bulgarian Business Leaders Forum. Retrieved 5 November 2025.
- ↑ "Nikola Yankov Deputy Minister". Vagabond Magazine. 11 November 2025. Retrieved 5 November 2025.
- ↑ 5.0 5.1 "Former Minister Nikolay Vassilev heads Expat Asset Management". Bulgarian National Radio. 12 February 2022. Retrieved 5 November 2025.
- ↑ "Expat Bulgaria SOFIX UCITS ETF". JustETF. Retrieved 5 November 2025.
- ↑ "Deutsche Börse welcomes Expat Asset Management as new ETF issuer". Deutsche Börse. 25 September 2017. Retrieved 27 November 2025.
- ↑ "New Expat ETFs on Eastern European markets launched on Xetra". Deutsche Börse. 31 October 2018. Retrieved 27 November 2025.
- ↑ "New Expat AM ETFs on Eastern and Southern European markets launched on Xetra". Deutsche Börse. 14 February 2019. Retrieved 27 November 2025.
- ↑ 10.0 10.1 "Expat Capital offers CEE equity index ETFs". ETF Express. 31 October 2018. Retrieved 5 November 2025.
- ↑ "What is important to know about Collective Investment Schemes?". Financial Supervision Commission. Retrieved 2025-12-03.
- ↑ "FIRST FOREIGN MANAGEMENT COMPANY INVESTMENT COUPONS REGISTERED WITH KDD". KDD - Central Securities Clearing Corporation. Archived from the original on 2023-09-27. Retrieved 2025-12-02.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedbaud - ↑ https://www.justetf.com/en/search.html?query=expat&search=ALL
- ↑ "Expat Asset Management – ETF Issuer Profile". Deutsche Börse. Retrieved 27 November 2025.
- ↑ "Expat launches Bulgaria's first gold ETF". ETF Strategy. 18 December 2020. Retrieved 27 November 2025.
- ↑ 17.0 17.1 "Expat Bulgaria SOFIX UCITS ETF – Factsheet". TrackInsight. Retrieved 5 November 2025.
- ↑ 18.0 18.1 "PRIIP Key Information Documents for Expat Mutual Funds". Expat Asset Management. Retrieved 5 November 2025.
- ↑ "Bulgaria's Expat Capital launches low-risk mutual fund". SeeNews. 21 April 2023. Retrieved 5 November 2025.
- ↑ https://www.x3analytics.com/en/profile?code=XBT
- ↑ "КФН обяви най-големите управляващи дружества у нас". dbr.bg (in български). Retrieved 2025-12-03.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedxetra - ↑ "London Stock Exchange welcomes Expat as an ETF issuer". Expat Asset Management. Retrieved 27 November 2025.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedpriip - ↑ "Shelly Group debuts on Xetra via EuroBridge". Deutsche Börse. 29 April 2024.
- ↑ "Allterco becomes first Bulgarian company listed on Frankfurt Stock Exchange". SeeNews. 22 November 2021.
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