10/20/2025 12:13
Almost 600 participants from Croatia and abroad gathered at the traditional regional financial conference “The Challenge of Change”, jointly organized by the Association of Pension Funds and Pension Insurance Companies (UMFO) and the Zagreb Stock Exchange. This year’s edition once again confirmed its role as the largest and most significant financial conference in the region - a key meeting point for the financial industry, investors, and regulators, and a forum for discussing current economic and market trends.
The conference was officially opened by Gordan Šumanović, President of UMFO, and Ivana Gažić, CEO of the Zagreb Stock Exchange, who emphasized the importance of cooperation among institutions and stakeholders in strengthening trust and transparency in the capital market.
“When assessing the overall performance of the pension system, it is important to highlight the Mercer-CFA Global Pension Index (GPI), published annually—the latest edition was released this week. The index evaluates the pension systems of 52 countries, and Croatia’s pension system has been recognized as one with a healthy structure. This year, we have overtaken Germany and now rank 21st, ahead of countries such as Ireland, Portugal, Spain, Poland, Italy, and Austria,” noted Gordan Šumanović.
“The success we are witnessing in 2025 is not only an achievement for the institution I represent but also for the entire market ecosystem—issuers, brokers, investors, the state, regulators, and, of course, our international partners. Since the 2008 financial crisis and the years of stagnation that followed, only the greatest optimists believed in the recovery we are seeing today. When it comes to capital markets, joint efforts to develop local markets, as well as the synergies that enable greater shared growth, are the key,” said Ivana Gažić in her opening address.
Participants were also greeted via video message by Marko Primorac, Deputy Prime Minister and Minister of Finance, who emphasized the importance of continuous and close cooperation between legislators and the business sector. Melita Čičak, Director of the Pension System Directorate at the Ministry of Labour, Pension System, Family and Social Policy, stated: “According to the latest data for August 2025, mandatory pension funds have nearly 2.4 million members and manage assets exceeding €25.3 billion. They are not only important for individuals but have also become a key factor in the capital market, contributing to economic growth through investments in domestic projects and companies. We expect numerous positive effects from the operations of these funds, both for citizens and the state. In this context, further strengthening of the three-pillar pension system is essential, as only such an integrated approach can ensure long-term sustainability and adequate pension levels. The Government of the Republic of Croatia continues to work on improving pension adequacy, adapting the legislative framework to real needs and circumstances.”
Anamarija Staničić, Deputy Chair of the Management Board of the Croatian Financial Services Supervisory Agency (Hanfa), added: “The Croatian capital market stands at a turning point, transforming from a fragmented system into a modern, digital, and inclusive market that contributes to economic growth. Citizens must be given the opportunity to participate if we want to bring the market to life. Investment accounts are an example of how to achieve that goal, as they are safe, simple, and accessible to everyone.”
Leading domestic and international experts discussed global and European capital market developments and fund asset management. Gerhard Schwarz, Head of Equity Strategy at Baader Bank AG, spoke about the impact of changing macroeconomic trends on European and global economies.
Numerous panels and discussions covered topics such as defining the right exit investment strategies, adapting portfolios to changing market conditions, Croatia’s readiness for artificial intelligence, cross-border business success, and trends in the regional real estate market.
The second day of the conference featured a keynote lecture by Nestanlin Garcia, Executive Director of Blackstone Private Equity Institutional Client Solutions, who spoke about the evolution of the private investments market and best strategies for investing in non-listed assets. Garcia highlighted the key changes shaping the private equity industry and the opportunities such investments offer to both institutional and individual investors.
The program continued with a panel discussion titled “Private Equity: Global, Regional, and Local Trends”, which provided an in-depth overview of current movements within the private equity industry. Mario Ančić, Principal at One Equity Partners; Robert Knorr, Managing Partner at MidEuropa; and Igor Čičak, CEO of Provectus Capital Partners, discussed global trends, the specificities of the CEE/SEE region, and the most important local opportunities and challenges. The panel was moderated by Josipa Štrkalj, Portfolio Manager at Raiffeisen Mandatory and Voluntary Pension Fund Management Company. The panelists concluded that, with careful monitoring of global developments and market dynamics, the private equity sector offers strong growth potential—both locally and internationally.
The conference concluded with a roundtable discussion on ETFs, highlighting their role as a key tool of modern investing. Participants included Matthias Zeinitzer, Director and Head of Sales Wealth & Institutional for CEE at BlackRock; Andrii Yaminskyi, Director for ETF and Indexing Sales at Amundi; Ivan Đurđević, Executive Director and Head of ETF Distribution for Switzerland, Germany, Austria, and Central and Eastern Europe at J.P. Morgan Asset Management; and Krešo Vugrinčić, CFA, CEO of InterCapital ETF. The panel was moderated by Andreja Lisica, CFA, Head of Asset Management at Raiffeisen Pension Fund Management Company. It was concluded that ETFs are shaping the future of investing by providing greater portfolio diversification, cost optimization, and enhanced market liquidity.
The Challenge of Change conference once again reaffirmed its importance as a central platform for the exchange of knowledge, ideas, and experiences, and for the promotion of contemporary trends in the investment and asset management industry - inspiring experts and leaders from Croatia and the region to pursue further innovation, collaboration, and the development of sustainable financial practices.
