EF Asset Management

What EF Asset Management does

EF Asset Management AD (ЕФ Асет Мениджмънт АД) is a privately held Bulgarian licensed asset management company headquartered in Sofia, founded in 2005 as a joint venture between Euro-Finance JSC and Valentin Karabashev and operating under Financial Supervision Commission (FSC) management company licenses No 17-УД/09.03.2006 and No 68-УД/09.12.2020. The company manages five collective investment schemes spanning the Bulgarian and European capital markets: three mutual funds (EF Rapid, EF Target, EF European Strategy), one exchange-traded fund (EF Principal ETF, listed on the Bulgarian Stock Exchange since March 2022), and one national mutual fund (NMF EF Potential). Disclosed mid-2026 NAV across the four largest funds totals approximately EUR 87.5M, with EF Principal ETF at EUR 38.1M, EF Rapid at EUR 26.9M, and NMF EF Potential at EUR 22.2M. Underlying technology is a conventional investment management platform supporting mutual fund and ETF structures on regulated Bulgarian and European markets.

The business model is a subscription/recurring management fee model, with fees charged as a percentage of the average annual net asset value of each fund. EF Rapid's management fee has been progressively reduced from 3.00% to 2.35% (October 2019), to 1.95% (April 2021), and to 1.50% (January 2022). Distribution occurs through three channels: direct unit purchase and redemption at the Sofia head office, secondary-market trading of EF Principal ETF on the Bulgarian Stock Exchange, and cross-border distribution into Germany via BaFin registration (BaFin-ID 70157835). Customer segments are Bulgarian retail investors with above-average income and medium-to-high risk tolerance, plus international investors accessing Bulgarian and European markets. The company is led by Executive Director Ivan Ovcharov (FSC-licensed securities broker and investment consultant) and Procurator Ivelina Ivanova, with Teodora Shopova and Evelina Vasileva on the Board. In May 2026 the firm expanded via the FSC-approved takeover of the AKTIVA European Strategy fund from AKTIVA Asset Management AD, which was renamed EF European Strategy.

Name

EF Asset Management

Legal name

EF Asset Management AD (ЕФ Асет Мениджмънт АД)

Website

https://efam.bg

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

EF Asset Management AD is a Sofia-based, FSC-licensed Bulgarian asset manager operating five collective investment schemes (three mutual funds, one ETF, one national mutual fund) across Bulgarian and European capital markets, generating recurring management fees on approximately EUR 87.5M in disclosed AUM.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Fee-Based Advisory (FSAEAAAM)

akta.pro secondary industry

Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Asset management services
• Mutual fund management
• Exchange-traded funds
• Portfolio management
• Investment advisory

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: The company earns management fees as a percentage of the average annual net asset value of the funds it manages. Historical fee rates include 3.00%, 2.35%, 1.95%, and 1.50% of average annual NAV depending on the fund and time period.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

EF Asset Management AD is a Bulgarian licensed fund management company that organizes and manages collective investment schemes. Its core offering consists of five investment funds spanning an exchange-traded fund (EF Principal ETF), balanced and equity mutual funds (EF Rapid, EF Target, EF European Strategy), and a national mutual fund (NMF EF Potential). The funds invest in Bulgarian and European securities including equities, corporate and government bonds, money market instruments, and UCITS units, with management fees charged as a percentage of average annual net asset value.

Product overview

EF Asset Management JSC operates as a financial company managing a portfolio of five collective investment schemes: three mutual funds (EF Rapid, EF Target, EF European Strategy), one exchange-traded fund (EF Principal ETF), and one national mutual fund (NMF EF Potential). The products range from low-moderate to high-risk profiles, primarily investing in Bulgarian and European securities including equities, corporate bonds, government securities, and money market instruments. EF Principal ETF is uniquely structured as an exchange-traded product tradable on the Bulgarian Stock Exchange, while the other funds operate as traditional unlisted mutual funds. The company provides investment management services to retail and institutional investors seeking diversified exposure to capital markets.

Differentiator

Problem solved

Functional benefit

Brands

• EF Principal ETF: Exchange Traded Fund with moderate to high risk profile, investing in Bulgarian and foreign equities, UCITS units, corporate bonds, and mortgage bonds traded on regulated markets.
• EF Rapid
• EF Target
• EF European Strategy
• NMF EF Potential

Products and services

• EF Principal ETF Exchange-traded fund with moderate to high risk profile that invests primarily in Bulgarian and foreign equities, UCITS units, corporate bonds, and mortgage bonds traded on regulated markets, traded on the Bulgarian Stock Exchange and BaFin-registered for distribution in Germany.
• EF Rapid Balanced mutual fund that invests predominantly in securities traded on regulated Bulgarian markets including shares, debt securities, and fixed-income instruments, targeting moderate-risk investors seeking liquidity and income.
• EF Target High-risk mutual fund that invests in shares of large-market-capitalization companies traded on European markets, aiming for maximum returns through capital gains.
• EF European Strategy High-risk mutual fund investing in shares of companies traded on regulated European markets with a focus on large-cap European equities for long-term growth; acquired from AKTIVA Asset Management in 2026.
• NMF EF Potential Open-ended National Mutual Fund (not a UCITS) that invests in transferable securities and other liquid financial assets based on risk-distribution principles, offering moderate-to-high risk exposure focused on Bulgarian and EU securities.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• AKTIVA Asset Management ADminorStrategic or Co-development Partner · 29 April 2026EF Asset Management received FSC approval on 29.04.2026 to take over management of EF European Strategy fund from AKTIVA Asset Management AD. The transfer of management became effective from 15.05.2026. Investors were given 14 days to request redemption without fees.
• United Bulgarian Bank AD (Обединена Българска Банка)coreOthersUnited Bulgarian Bank serves as the custodian bank for EF European Strategy fund. The custodian bank holds the fund's assets and controls both operations and the calculation of the fund's net asset value. Account for EUR transfers: BG02 UBBS 8002 1468 1441 10.
• Bulgarian Association of Fund Management CompaniescoreOthersEF Asset Management is a member of the Bulgarian Association of Fund Management Companies, an industry organization for asset management companies in Bulgaria.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• UBB Asset Management: Bulgarian asset management firm affiliated with United Bulgarian Bank, operating collective investment schemes under FSC license. Direct domestic peer offering similar mutual fund products to Bulgarian retail investors.
• DSK Asset Management: Bulgarian asset management company managing mutual funds for retail and institutional investors under FSC oversight. Directly comparable as a domestic Bulgarian fund manager with multi-fund product suite targeting Bulgarian investors.
• AKTIVA Asset Management: Bulgarian fund management company from which EF Asset Management acquired the EF European Strategy mandate in 2026. Closely comparable domestic peer operating UCITS-style funds in the Bulgarian market.

Broad incumbents

• NN Bulgaria (Pension Insurance & Asset Management): Local operation of NN Group offering pension and investment fund products in Bulgaria. Comparable as an FSC-regulated fund provider serving Bulgarian retail investors, though with a much larger parent and broader product portfolio.
• Amundi: Europe's largest asset manager with extensive UCITS mutual fund and ETF range. Comparable as a competitor for European investor wallet share via BaFin-distributed euro-denominated funds.
• Allianz Bulgaria (Allianz Invest): Subsidiary of global asset manager Allianz, offering Bulgarian investment funds. Comparable as a regulated Bulgarian fund manager, but with significantly larger parent backing, broader product suite, and international brand.
• iShares (BlackRock): Global ETF provider by BlackRock, the dominant European and global ETF issuer. Comparable to EF Principal ETF as an exchange-traded fund, but vastly larger in AUM, distribution, and brand.

Others

• Euro-Finance JSC: Former majority owner (100% in 2012, reduced to 19% in 2013) of EF Asset Management. Closely connected Bulgarian financial entity — historical parent and ongoing minority shareholder — providing financial services in Bulgaria.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 EF Asset Management