InterCapital Asset Management
InterCapital Asset Management is Croatia's largest independent asset manager, operating 19 UCITS funds and 4 ETFs with over €500M in assets under management, serving retail and institutional investors across Croatia, Slovenia, and Romania through multi-exchange listings and digital advisory.
- Company typePrivate
- Founded2004
- HeadquartersZagreb, Croatia
- Headcount11–50
- GTM typeB2C
- OfferingServices
What InterCapital Asset Management does
InterCapital Asset Management d.o.o. (ICAM) is Croatia's largest independent asset management company, founded in 2004 and headquartered in Zagreb. The firm manages over €500 million in assets across 19 classical UCITS funds and 4 ETFs, serving retail and institutional investors across Croatia, Slovenia, and Romania. Its product suite spans equity index ETFs tracking regional benchmarks (CROBEX10tr for Croatia, SBITOP TR for Slovenia, BET-TRN for Romania, plus a Euro Money Market ETF and a Romania Government Bond 5-10yr ETF), actively managed bond and balanced funds, equity funds, a special-purpose fund for Croatian war veterans (Fond hrvatskih branitelja), and the Genius digital advisory application. ICAM operates as a fully independent, privately held company with no parent or banking group affiliation, regulated by HANFA under UCITS frameworks.
The company's technology centers on passive index replication for its ETF sub-funds using a sample-based methodology, combined with traditional active management driven by an in-house investment team. Its core go-to-market combines multi-exchange ETF listings (Zagreb Stock Exchange, Ljubljana Stock Exchange, Bucharest Stock Exchange) with direct sales advisory, digital self-service via the Genius app, and traditional bank-branch and FINA network distribution for the veterans fund. ICAM generates revenue primarily through recurring management fees as a percentage of assets under management, with blended fee rates ranging from 0.6% on ETFs to 1.0-1.5% on active funds, supplemented by custodian pass-through fees and selective entry fees. The firm holds 38 industry awards and was the first asset manager in Croatia to launch ETFs and the first foreign issuer on the Bucharest Stock Exchange, positioning it as a regional pioneer in SEE passive investing.
InterCapital Asset Management firmographics
Firmographics- Name
- InterCapital Asset Management
- Legal name
- InterCapital Asset Management d.o.o.
- Website
- https://icam.hr
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- InterCapital Asset Management is Croatia's largest independent asset manager, operating 19 UCITS funds and 4 ETFs with over €500M in assets under management, serving retail and institutional investors across Croatia, Slovenia, and Romania through multi-exchange listings and digital advisory.
- Ownership category
- akta.pro rank
InterCapital Asset Management industry classification
Industry- Product category
- Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Broad Market Equity ETFs (FSAAAFAA)
- akta.pro secondary industries
- Large-Cap Equity (Active) (FSAAAIAA), Index Mutual Funds (Non-ETF) (FSAAAEAE), Multi-Asset ETFs & Index Allocation Funds (FSAAAJAB)
Keywords
Where InterCapital Asset Management is headquartered
LocationHeadquarters
- HQ city
- Zagreb
- HQ country
- Croatia
- HQ region
- Europe
Offices1 record
Markets served
InterCapital Asset Management business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Management Fees (Asset Under Management): Charges an annual management fee calculated as a percentage of assets under management. For InterCapital Global Bond, Class A fee reduced from 1.25% to 1.00% ann., Class B reduced from 1.75% to 1.50% ann. For Addiko Cash fund, management fee is 0.60% per annum. For BET-TRN UCITS ETF, management fee is 0.6% per annum.
- Entry/Exit Fees: Some funds may charge entry fees. In 2017 promotional action, entry fee was waived for InterCapital SEE Equity Class A and B until 31.12.2017. ETF trading typically involves broker fees rather than direct entry/exit fees charged by the fund.
- Custodian Bank Fees: Depository bank charges fees for custody services. For BET-TRN UCITS ETF, custodian fee is 0.08% of assets under management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | InterCapital Global Bond Class A: 1.00% annual management fee |
| Subscription | Annual | InterCapital Global Bond Class B: 1.50% annual management fee |
| Subscription | Annual | InterCapital BET-TRN UCITS ETF: 0.6% annual management fee |
| Subscription | Annual | InterCapital Short Term Bond (formerly InterCapital Money Fund): 0.60% per annum |
| Subscription | Annual | ETF share units: 0.08% custodian fee |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels8 records
InterCapital Asset Management product offering
Product offeringCore offering
InterCapital Asset Management operates as Croatia's largest independent investment manager, managing UCITS investment funds and ETFs across equity, balanced, bond, and money market categories. The firm offers both actively managed classical funds and passive index-tracking ETFs listed on the Zagreb, Ljubljana, and Bucharest stock exchanges, complemented by a digital robo-advisory platform (Genius) and personalized investment advisory services.
Product overview
InterCapital Asset Management operates as a platform of 19 UCITS funds and 4 ETFs, making it Croatia's largest independent asset manager with over 500 million euros in assets under management. The product suite spans: (1) Equity ETFs tracking regional indices — CROBEX10tr (Croatia), SBITOP TR (Slovenia), BET-TRN (Romania) — listed on Zagreb, Ljubljana, and Bucharest stock exchanges, plus a Euro Money Market ETF and a Romania Government Bond 5-10yr ETF; (2) Classical UCITS funds including bond funds (Short Term Bond, Bond, Dollar Bond, Global Bond), mixed funds (Balanced, Conservative Balanced, Income Plus), and equity funds (SEE Equity, Global Equity, Global Technology); (3) Fond hrvatskih branitelja, a special purpose fund for Croatian veterans; and (4) the Genius digital robo-advisor platform providing online investment advisory. The ETFs are the company's flagship innovations, being the first launched on the Croatian market in 2020, with regional expansion through listings in Slovenia and Romania.
Differentiator
Problem solved
Functional benefit
Brands
- Genius: Digital robo-advisor application for investment management and online financial consultation
- ETF Club
- ICAM Newsletter
- Genius Newsflash
- InterCapital Krovni UCITS ETF
Products and services
- InterCapital CROBEX10tr UCITS ETF
- InterCapital SBITOP TR UCITS ETF
- InterCapital BET-TRN UCITS ETF
- InterCapital Euro Money Market UCITS ETF (ICASH)
- InterCapital EUR Romania Govt Bond 5-10yr UCITS ETF
- InterCapital SBITOP TR UCITS ETF (ICSLOETF) - BVB Listing
- InterCapital Short Term Bond
- InterCapital Bond
- InterCapital Dollar Bond
- InterCapital Global Bond
- InterCapital Income Plus
- InterCapital Conservative Balanced
- InterCapital Balanced
- InterCapital Global Technology
- InterCapital SEE Equity
- InterCapital Global Equity
- Fond hrvatskih branitelja (Croatian War Veterans Fund)
- Genius Digital Robo-Advisor Application
Quantifiable outcome
- BET-TRN index returned 27% from start of 2024 to July 2024, outperforming S&P 500 (+17%), MSCI Europe (+10%), and MSCI Emerging (+9%)
- +6 more outcomes
Companies that use InterCapital Asset Management
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
InterCapital Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
InterCapital Asset Management partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- INTERKAPITAL vrijednosni papiri d.o.o.coreINTERKAPITAL vrijednosni papiri d.o.o. (a related entity within InterCapital Group) began performing market maker duties for class B shares of InterCapital BET-TRN UCITS ETF on the Bucharest Stock Exchange as of September 5, 2024. The market maker ensures liquidity in ETF trading on BVB.
- Zagreb Stock Exchange (Zagrebačka burza)coreZagreb Stock Exchange provided listing venue for ICAM's first ETFs (CROBEX10tr and SBITOP UCITS ETFs) on November 17, 2020. ZSE collaborated with SKDD, HANFA, and ICAM teams over approximately one year to enable ETF listings. ICAM was first asset manager in Croatia approved to launch ETFs linked to leading regional equity indices.
- HANFA (Croatian Financial Services Supervisory Agency)coreHANFA (Hrvatska agencija za nadzor financijskih usluga) is the Croatian financial regulator that approved ICAM's ETF product launches and ongoing fund operations. HANFA approved the Prospectus for ICAM's UCITS ETF umbrella fund and continues to supervise fund operations.
- SKDD (Croatian Central Securities Depository)coreSKDD (Središnje klirinško depojsko društvo) is the Croatian Central Securities Depository responsible for registering ETF share units and maintaining the register of unitholders. All ICAM ETF units are registered with SKDD.
- OTP Banka d.d. (Croatia)coreOTP Banka d.d. serves as the designated depositary bank (banka depozitar) for InterCapital's UCITS funds and ETFs under management. The depositary bank is responsible for safekeeping fund assets, overseeing fund operations, and ensuring compliance with UCITS regulations. This is a critical operational partnership for all fund operations.
Scale indicators7 records
Recent moves10 records
Expansion highlights6 records
InterCapital Asset Management competitors and assessment
Company assessmentDirect peers
- OTP Invest (Croatia): Croatian asset management subsidiary of OTP Group, providing UCITS-compliant investment funds to retail and institutional clients. Notably, OTP Banka d.d. Croatia already serves as ICAM's depositary bank, evidencing direct overlap in the Croatian asset management ecosystem.
- ZB Invest: Croatian UCITS asset manager affiliated with Zagrebačka banka (UniCredit Group); manages open-ended investment funds for Croatian retail and institutional clients in the same regulatory jurisdiction (HANFA) — directly comparable to ICAM's classic UCITS fund business.
- Triglav Skladi: Slovenian asset management arm of Triglav Group; manages UCITS funds tracking Slovenian and regional indices. ICAM already acquired and merged several Triglav Croatia funds in 2020-2021, evidencing direct overlap in the Slovenian-Croatian cross-border fund market.
- Erste Asset Management Croatia: Croatian branch of Erste Asset Management, one of the largest asset managers in Central and Eastern Europe. Operates UCITS funds distributed through Erste Bank Croatia — overlapping Croatian retail fund/portfolio management market with ICAM.
- Raiffeisen Invest (Croatia): Croatian asset management arm of Raiffeisen Bank, managing UCITS investment funds distributed through Raiffeisen's domestic branch network — directly comparable Croatian-domiciled fund manager competing for the same retail/institutional clients.
Broad incumbents
- Invesco: Global asset manager with significant UCITS ETF range across European indices. Operates in retail distribution channels overlapping with ICAM's regional broker and bank-distribution partnerships across SEE.
- BlackRock iShares: Global ETF leader with broad European UCITS ETF range. iShares already operates European-region UCITS ETFs and full-replication products that compete structurally with ICAM's passive index-tracking ETFs on cost, liquidity, and tracking accuracy.
- Xtrackers / DWS: Global UCITS ETF issuer with broad European market coverage. Provides full-replication European-equity ETFs at scale — the type of entrant that could launch region-specific competing products challenging ICAM's sample-replication ETFs.
- Amundi: Europe's largest asset manager with extensive UCITS ETF and active fund presence. Amundi (including the legacy Lyxor franchise) competes with ICAM in CEE/SEE distribution and is the broadest direct competitor to regional UCITS product suites.
- Addiko Group: Austrian banking group focused on SEE markets (Croatia, Slovenia, Bosnia, Serbia, Montenegro), where ICAM's Croatian Short Term Bond was originally branded as 'Addiko Cash'. Addiko is a regional incumbent across lending and asset management, overlapping ICAM's retail and institutional footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
InterCapital Asset Management social profiles
Digital presenceInterCapital Asset Management compliance and trust
Trust signalCompliance9 records
InterCapital Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
InterCapital Asset Management leadership team
Management profileNumber of profiles
Profiles10 records
InterCapital Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
InterCapital Asset Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about InterCapital Asset Management
What does InterCapital Asset Management do?
InterCapital Asset Management operates as Croatia's largest independent investment manager, managing UCITS investment funds and ETFs across equity, balanced, bond, and money market categories. The firm offers both actively managed classical funds and passive index-tracking ETFs listed on the Zagreb, Ljubljana, and Bucharest stock exchanges, complemented by a digital robo-advisory platform (Genius) and personalized investment advisory services.
Is InterCapital Asset Management a public or private company?
InterCapital Asset Management is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was InterCapital Asset Management founded?
InterCapital Asset Management was founded in 2004. It employs 11 to 50 people.
Where is InterCapital Asset Management based?
InterCapital Asset Management is headquartered in Zagreb, Croatia, in the Europe region.
How does InterCapital Asset Management make money?
Three revenue lines are on record. Management Fees (Asset Under Management) is the primary driver. The others are entry/Exit Fees and custodian Bank Fees.
Who are InterCapital Asset Management's main competitors?
Direct peers on record are OTP Invest (Croatia), ZB Invest, Triglav Skladi, Erste Asset Management Croatia and Raiffeisen Invest (Croatia). Broad incumbents are Invesco, BlackRock iShares, Xtrackers / DWS, Amundi and Addiko Group.
Does InterCapital Asset Management have an API?
No public API is recorded for InterCapital Asset Management.
What industry is InterCapital Asset Management in?
InterCapital Asset Management's product category is Asset Management. Its primary akta.pro industry code is FSAAAFAA, Broad Market Equity ETFs, with a secondary code of FSAAAIAA, Large-Cap Equity (Active). Its NAICS code is 523940 and its SIC code is 6282.