NATALIA PETROVA: INTELLIGENT INVESTMENT SOLUTIONS

How to invest your money wisely and make the most of the ever-changing economy, even in times of volatility and uncertainty, is a question that many people ask today. Natalia Petrova is one of the few people in Bulgaria who knows the answer. The CEO of Concord Asset Management, the largest non-bank asset manager in Bulgaria, she has over 20 years of experience in asset management, capital markets, equity and bond trading, UCITS products and services, and is a licensed investment advisor, broker and dealer in government securities. Ms Petrova is also actively involved in initiatives aimed at building a higher investment culture in Bulgaria and is currently the Chairperson of the Board of the Bulgarian Association of Asset Management Companies (BAAMC). Her personal and professional contribution to the development of investment culture in Bulgaria has already won her a number of Bulgarian and international awards, which was the reason to sit down with her and discuss in detail her achievements and plans for the future.

Concord Asset Management won the prestigious World Business Outlook award for Best Asset Management Company of  2024. What is behind this award? What earned you the judges' confidence and high regard?

Winning this award is a significant recognition for Concord Asset Management and the entire team that works tirelessly to provide innovative products and services to our clients. The company is growing dynamically and at the end of 2024 it had a market share of approximately 11%. The hard work of the team and our commitment to high professional standards are part of the journey we are on to deliver value to our customers and partners.

In addition to this award, we have received over ten other international recognitions in the last five years, including the Global Banking and Finance Awards, The European, World Business Outlook, International Investor Magazine, as well as Bulgarian rankings that highlight the funds we manage. This is an evidence of the trust in the company, the efforts of the team and the results we achieve.

What does this award mean to you as a professional?

Every award is an evidence that someone, even far from Bulgaria, sees what we do and what we achieve. Each award is not only a result of our success, but also a way to the next achievements.

Personally, as the head of the company, all these awards mean that we are moving in the right direction. For two consecutive years, Global Banking and Finance Review has recognized me as the best CEO of an asset management company in Bulgaria. These awards are proof that our strategies, as well as our commitment to quality and ethics in asset management, are right and lead to sustainable success. And for me, they have a deep personal meaning because they recognize all the effort and energy I put into my work.

How do you plan to develop Concord Asset Management in the coming years? Are you planning to enter new markets or offer new products?

Over the past few years, Concord Asset Management has offered alternatives to both private and institutional investors. There is significant interest in the alternative investment funds we manage, and we have already licensed several investment strategies – infrastructure funds, private equity and other investment funds. We always strive to offer products that have no analogues in the Bulgarian market. This gives us a competitive advantage, at least for a certain period of time.

What are the main challenges you face?

Some of the main challenges are of course the changing regulatory environment, the very high level of reporting, digitalization, artificial intelligence, as well as the focus on sustainable investments – these can be both challenges and benefits if managed well.

What is your assessment of the current economic situation? How, in your opinion, it will affect the capital markets?

The current economic situation is extremely dynamic and influenced by many global factors. The main ones are inflation and central bank monetary policies, geopolitical tensions, technological advances and changes in demand, green and sustainable investments. This could lead to increased volatility in the capital markets in the short term, with high risk and uncertainty. Investors will need to be more flexible and cautious in assessing risk, while focusing on long-term trends such as technological progress and the transition to sustainable finance.

What is Concord Asset Management doing to demonstrate to investors that it is sustainable and will help them maximize their returns in this situation?

We strive to respond to market trends. By the end of 2024, the Financial Supervision Commission has approved the offering of our alternative infrastructure investment fund focused on green investments. This is something new for the Bulgarian market. We plan to raise capital for the fund this quarter. Our plans also include the creation of other innovative products and services, but we will keep this as a surprise for our investors.

As chairperson of the Bulgarian Association of Asset Management Companies (BAAMC), you celebrated the organization's 20th anniversary in February. What are the main achievements of the BAAMC over the years?

The Bulgarian Association of Asset Management Companies celebrated its 20th anniversary on February 11, 2025 together with representatives of the Financial Supervision Commission, the Bulgarian Ministry of Finance, the Bulgarian Stock Exchange, the Central Depository, industry associations, BAAMC members and all our partners. Special guests at the event were Mr. Tanguy van de Werve, Director of the European Fund and Asset Management Association (EFAMA), and the Chairpersons of the associations from Germany, Slovenia, Romania and North Macedonia. Their presence was a sign of respect for our work over the past two decades, during which the Association managed to become a benchmark of high ethical principles, professionalism and standards for the development of the Bulgarian capital market and the enhancement of investor confidence. We have come a long way – we started with only eight members, today we are 41. These are the people with whom we have worked to increase the visibility and promote the products offered by management companies to Bulgarian investors, to reduce the regulatory burden, to modernize and develop the market infrastructure, and to ensure stability and security for all participants.

BAAMC celebrated its 20th anniversary with an event attended by the most prominent figures of the Bulgarian financial sector

Over the years, the Association has been an active member of EFAMA, which allows it to participate in the processes shaping the future of the European investment market. One of BAAMC's most important achievements over the years has been its overall work to increase financial literacy.

What are the most important issues facing the association today? What are your goals as Chairperson of BAAMC?

The capital market is very dynamic and we face many challenges. The BAAMC will continue to work actively to find effective solutions and collaborate with market participants at the local and international levels. Among our key priorities are the processes for joining the Eurozone, simplifying the regulatory framework, reducing administrative burdens and increasing competitiveness at the European level. Specifically, the asset management industry faces two major challenges at the retail level – one is to turn savers into investors by promoting an investment culture and achieving long-term growth. The other is to increase financial literacy through initiatives to widen access to educational materials and events. I believe in informed investor choice, and to make such choices, investors need to understand our products and services. This can only happen with a strong association presence. BAAMC must also be an active participant in building the Capital Markets Union in Europe. 

European Funds and Asset Management Association (EFAMA) members were special guests at the event (from left): Mira Velich, Chairperson ZDU, Slovenia; Natalia Petrova, Chairperson BAAMC, Bulgaria; Thomas Richter, Chairman BVI, Germany; Tanguy van de Werwe, Director, EFAMA; Cvetelina Todorova, Head of Pension Policy, BVI, Germany; Jan Pricop, Director AAF, Romania