Ivo Zahariev: Pension funds are a powerful player in the stock markets

"Bulgarian pension companies, with their nearly 27 billion leva of assets, are the largest investor in the capital market in our country. They represent about 6.5% or about 1 billion leva of the investments of the Bulgarian Stock Exchange (BSE). And yet we are criticized for not being active enough". This was stated by Ivo Zahariev, Chief Financial Officer of PAC Doverie, at the Investor Day 2025: Embracing Opportunities forum, organized by the Bulgarian Stock Exchange. The event was held on April 28, at the Inter Expo Center, in Sofia.

Among the highlights that were discussed during the investment forum are the prospects and challenges facing the capital market against the backdrop of our upcoming accession to the eurozone and the opportunities for more investments in the Bulgarian economy. 

"PAC Doverie, which manages assets of nearly 7 billion BGN, but the liquidity of the Bulgarian stock market is still very low, only 3-4 companies have debuted on it in the last few years. There is still much to be desired in terms of corporate governance and advertising on the market", added Zahariev.

According to him, pension funds are a powerful player and therefore they are primarily directed to global markets, where the volumes are larger. 

Zahariev added that each issuer on the Bulgarian market has its own analogue in the world and that is why we direct our investments towards it. In addition, more information and transparency are needed so that "the snowball can roll and become an avalanche". 

"A huge problem in Bulgaria is low financial literacy, a sign of which is the huge amount of money that is "sleeping" in the form of savings in banks", the Chief Financial Officer of PAC Doverie also pointed out.

The forum brought together all participants in the capital market, including established companies from over 17 economic sectors, as well as financial analysts, Bulgarian and foreign investors, banks and investment intermediaries. During the event, market trends, economic prospects for Bulgaria in the conditions of a dynamically changing global economy and opportunities for financing the growth of companies were discussed.