Caspar

What Caspar does

Caspar is an independent Polish asset management group headquartered in Poznań, founded in 2009 and listed on the Warsaw Stock Exchange main market (ticker: CSR). The group operates two principal entities: Caspar Asset Management S.A. (KNF-licensed since May 26, 2010 for brokerage/portfolio management) and Caspar Towarzystwo Funduszy Inwestycyjnych S.A. / Caspar TFI (KNF-licensed since July 17, 2012 for fund creation and management). The firm serves three customer tiers: high-net-worth individuals (minimum 1M PLN for discretionary Asset Management), ultra-high-net-worth families and individuals (minimum 30M PLN for bespoke closed-end funds / FIZ), and mass-affluent/retail investors (from 1,000 PLN for open-end mutual funds / FIO via the Caspar Parasolowy FIO umbrella, which contains five subfunds across debt, mixed, and global equity strategies). Distribution combines five regional sales directors, a wholly-owned distribution subsidiary F-Trust iWealth S.A. operating 9 Points of Customer Service across Poland, and a self-serve digital platform.

Caspar's product set includes the Caspar Parasolowy FIO (five subfunds: Caspar Obligacji Skarbowy, Caspar Obligacji Uniwersalny, Caspar Kompas Rynkowy, Caspar Akcji Globalny Megatrendy, Caspar Akcji Światowych Liderów), two ready-made closed-end funds (Focus FIZ and US Leaders FIZ, both launched December 2025 and using active options strategies), bespoke custom FIZ mandates, Asset Management discretionary portfolios across 12+ strategy types, and IKE/IKZE pension accounts. Technology infrastructure comprises two proprietary platforms: the Platforma Transakcyjna Caspar TFI (digital FIO onboarding with deep-neural-network-based video verification, a training portfolio simulator, and online transactions) and CasparLine (a PWA portfolio monitoring platform with mobile app on Android/iOS providing real-time valuation, reports, and commentary). All Asset Management assets are held in segregated accounts at a Trustee Bank (Bank Pekao S.A. serves as custodian for the FIZ products).

The business model is fee-based with three revenue streams: (1) recurring fixed and/or mixed (fixed + performance) management fees on AUM, charged monthly in arrears; (2) transaction-based distribution fees on contributions (currently reduced to 0% for FIO via platform from 50,000 PLN); and (3) performance fees on closed-end funds (e.g., 20% of excess returns above benchmark or high-water-mark on Focus FIZ and US Leaders FIZ). Revenue is anchored by recurring management fees on a growing AUM base that includes ~300M PLN in FIO (July 2026), ~174M PLN across Focus FIZ and US Leaders FIZ (June 2026), plus undisclosed Asset Management mandates where Caspar is ranked among the top 3–4 Polish wealth managers for affluent clients (Parkiet, 2024–2025). Note: the financial data table in the source contains $13 trillion-class revenue figures evidently attributable to a different entity and is not relevant to Caspar.

Name

Caspar

Legal name

Caspar Asset Management Spółka Akcyjna

Website

https://caspar.com.pl

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Caspar is an independent Polish asset management group (GPW: CSR) headquartered in Poznań, offering discretionary portfolio management for HNWI, open-end mutual funds (FIO) for retail investors from 1,000 PLN, and bespoke closed-end funds (FIZ) for UHNW clients from 30M PLN, distributed via direct sales, a 9-branch F-Trust iWealth network, and a digital platform.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Trust, Fiduciary, and Custody Activities (523991)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM)

akta.pro secondary industry

Private Client Custody & Brokerage (Execution, Reporting, Safekeeping) (FSAAABAN)

Keywords

• Asset management services
• Wealth management solutions
• Investment fund management
• Discretionary portfolio management
• Mutual fund services

Headquarters

HQ city

Poznan

HQ country

Poland

HQ region

Europe

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Fixed Management Fee (Stała Opłata za Zarządzanie): A fixed annual fee calculated as 1/365 of the annual rate multiplied by the average gross portfolio value over the month, charged monthly in arrears on the first business day of the following month and upon contract termination.
2. Mixed Management Fee (Mieszana Opłata za Zarządzanie): Combines a variable annual fee based on gross portfolio value (similar to fixed fee structure) plus a variable performance fee charged when portfolio returns exceed defined thresholds or benchmarks.
3. Distribution Fee (Opłata Dystrybucyjna): A one-time fee applied to each client contribution or top-up to the portfolio. Currently reduced to 0% for purchases of Caspar Parasolowy FIO subfunds via the Transactional Platform for contributions from 50,000 PLN. Not charged for strategy changes within Asset Management.
4. Brokerage and Custody Fees (passed through): Third-party fees charged to clients for brokerage services, asset custody, bank account maintenance, and fund unit fees — these are passed through to external providers and not retained by Caspar.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Caspar is a Polish asset management group (Caspar Asset Management S.A. and Caspar TFI S.A.) that provides discretionary portfolio management for affluent and high-net-worth individuals, manages open-end mutual funds (Caspar Parasolowy FIO with five subfunds) and closed-end investment funds (Focus FIZ, US Leaders FIZ, and tailored FIZ vehicles), and offers IKE/IKZE tax-advantaged retirement accounts. Clients access services through a regional sales director network, the F-Trust iWealth distribution agent, and proprietary digital platforms (Platforma Transakcyjna and CasparLine), with global investment strategies spanning US, European, and emerging market equities, debt, and mixed allocations.

Product overview

Caspar is a financial group comprising two main entities: Caspar TFI S.A. (Fund Management Company) and Caspar AM S.A. (Asset Management/Brokerage). The product portfolio centers on the Caspar Parasolowy FIO umbrella fund containing five open-end sub-funds (Caspar Obligacji Skarbowy, Caspar Obligacji Uniwersalny, Caspar Kompas Rynkowy, Caspar Akcji Globalny Megatrendy, Caspar Akcji Światowych Liderów), supplemented by two ready-made closed-end funds (Focus FIZ and US Leaders FIZ), plus custom closed-end fund solutions (from 30M PLN). Asset Management services offer discretionary portfolio management across 12+ strategy types spanning equity, balanced, and fixed income. Client-facing digital platforms include the Platforma Transakcyjna Caspar TFI for fund trading and CasparLine for Asset Management monitoring. The group also provides IKE and IKZE retirement accounts. Key differentiators include global investment focus, active options strategies in closed-end funds, and independent operation as a private institution.

Differentiator

Problem solved

Functional benefit

Brands

• CasparLine: Online platform for asset management clients providing access to portfolio valuation, investment reports and commentaries
• Platforma Transakcyjna Caspar TFI
• Caspar Parasolowy FIO
• Focus FIZ
• US Leaders FIZ

Products and services

• Caspar Obligacji Skarbowy Debt sub-fund of Caspar Parasolowy FIO investing primarily in Polish government bonds with a minimum 80% allocation to government securities. Suitable for short- to medium-term investors seeking capital protection with low volatility. Co-managed by Wojciech Kseń and Błażej Bogdziewicz. Minimum initial investment 1,000 PLN, subsequent 100 PLN.
• Caspar Obligacji Uniwersalny

Quantifiable outcome

• Caspar Akcji Globalny Megatrendy generated over +50% return in the 12 months to June 2026
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• F-Trust iWealth S.A.coreChannel Partner/ Reseller/ DistributorF-Trust iWealth S.A. is the primary distribution agent (Agent Firmy Inwestycyjnej) for Caspar Asset Management S.A., operating 9 Points of Customer Service (POK) across Poland. Its sales team of 40+ staff holds full power of attorney to execute transactions on behalf of Caspar AM. Anna Švarcová serves as Vice President and Sales Director of F-Trust iWealth and sits on the Supervisory Board of Caspar TFI S.A.
• Bank Pekao S.A.coreOthersBank Pekao S.A. serves as the independent custodian (depozytariusz) for Caspar's Closed-End Funds (Focus FIZ and US Leaders FIZ), responsible for safekeeping assets, verifying asset valuations, and monitoring compliance with investment limits.
• Trigon Dom Maklerski S.A.minorOthersTrigon Dom Maklerski S.A. acts as one of two market makers (animatorzy) for Caspar Asset Management S.A. shares on the Warsaw Stock Exchange main market.
• Dom Maklerski Santander Bank Polska S.A.minorOthersDom Maklerski Santander Bank Polska S.A. acts as one of two market makers (animatorzy) for Caspar Asset Management S.A. shares on the Warsaw Stock Exchange main market.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Investors TFI S.A. Polish TFI managing equity, bond, and mixed mutual funds plus discretionary mandates for affluent clients — comparable FIO/AM product mix serving the Polish mass-affluent and HNW segments.
• Skarbiec Holding S.A. Warsaw-listed Polish asset management group operating Skarbiec TFI, focused on retail mutual funds and HNW discretionary mandates — closely comparable in product mix (FIO + AM) and listed-company governance.
• Altus TFI S.A. Polish asset manager offering open-end mutual funds and closed-end fund products with active use of options strategies — comparable in FIO/FIZ product architecture and Polish retail distribution.
• Esaliens TFI S.A. Polish TFI managing open-end and closed-end funds with multi-channel distribution including direct sales and digital platform — comparable in fund range, distribution structure, and Polish retail/HNW target segments.
• Noble Funds TFI S.A. Polish TFI offering open-end mutual funds and closed-end fund certificates with online distribution and direct sales — comparable in fund variety and digital/relationship-channel split.
• Quercus TFI S.A. Polish independent asset manager listed on GPW, offering open-end and closed-end mutual funds with global investment focus and strong performance track record — directly comparable in positioning as a boutique Polish TFI without a bank parent.

Broad incumbents

• PZU TFI S.A. Major Polish TFI within the PZU insurance group, offering a full FIO/FIZ suite via bancassurance and direct channels — relevant as a large incumbent competitor with overlapping product set but very different ownership structure.
• Allianz Polska TFI S.A. Polish arm of the Allianz global asset management franchise, offering diversified mutual funds and AM services — comparable at the product level but operating as a wide-portfolio incumbent rather than a specialist boutique.
• PKO TFI S.A. Largest Polish TFI by AUM, owned by PKO BP, offering the broadest range of Polish mutual funds including FIO and FIZ — relevant as a scale benchmark and key competitor for retail flow, though bank-owned and far larger than Caspar.
• Goldman Sachs Asset Management (Poland): Global asset manager with Polish operations offering mutual funds and bespoke mandates to Polish investors — comparable in offering discretionary portfolio management to HNW clients, though at much greater scale and with global product reach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@caspar-inwestujemy-globalnie
• Facebookfacebook.com/CasparInwestujemyGlobalnie
• LinkedInlinkedin.com/company/caspar-inwestujemy-globalnie

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caspar