InterCapital has separated its ETF business into a new company

InterCapital Asset Management (ICAM) today announced on the Zagreb Stock Exchange that it is establishing a new company, InterCapital ETF. As stated in the announcement, based on the registrations conducted in the court register, SKDD will implement the transfer of all UCITS sub-funds, including the Umbrella fund, from ICAM to the newly established company as early as tomorrow.

A search of the court register revealed that the CEO of the new company will be Krešo Vugrinčić, while Đivo Pulitika has been appointed as a member of the Management Board. In the Supervisory Board, Daniel Nevidal serves as the president, with Tonći Korunić as his deputy, and Matko Maravić has also been appointed as a member.

This decision was made as part of a transaction with Erste Asset Management (EAM), to which a portion of InterCapital Asset Management’s business is being sold, as confirmed by the CEO of the newly established company.

– This transaction was announced in November last year, and as part of it, we at InterCapital retain the ETF business and keep the Genius application we have developed. For this purpose, we actually launched new companies, one of which is InterCapital ETF. The management of the five ETFs we have launched so far has been transferred to this company, and we will further focus on the development of this part of the business through it. The entire team employed in the new company will fully focus on the development and management of ETFs, and we expect new ETFs in the future and listings on new markets – Vugrinčić briefly told us.

As a reminder, in mid-December, we reported that the purchase transaction between EAM and InterCapital was concluded and that EAM would take over a 100% stake in InterCapital Asset Management. It was announced at that time that EAM would take over the management of all UCITS investment funds, except for ETFs, alternative funds with public offerings, and the Fund for Croatian War Veterans and their family members.

On the other hand, the part of ICAM’s business related to ETFs, alternative funds with private offerings, investment portfolios, and the Genius investment platform was not subject to sale.

– By realizing this acquisition, we demonstrate our commitment to the Croatian fund market, where we see significant growth potential in the future. The Croatian branch has our full support, and we are confident that it will leverage synergies and make further progress while ensuring the highest quality level of service to all its clients, especially those who will become clients after this acquisition – stated at the end of last year Heinz Bednar, CEO of Erste Asset Management GmbH.