InterCapital Asset Management

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.

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

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

• Asset management
• UCITS investment funds
• ETF management
• Portfolio management
• Wealth advisory

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core 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

Named customers5 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

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• INTERKAPITAL vrijednosni papiri d.o.o.coreTechnology or Integration · 5 September 2024INTERKAPITAL 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)coreStrategic or Co-development Partner · 17 November 2020Zagreb 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)coreOthers · 17 November 2020HANFA (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)coreOthers · 17 November 2020SKDD (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)coreOthersOTP 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

Direct 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

• YouTubeyoutube.com/channel/UCAM
• LinkedInlinkedin.com/company/intercapital-asset-management
• Facebookfacebook.com/InterCapital.Asset.Management

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

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 InterCapital Asset Management