Rovinj, Croatia, October 16, 2025 - Nearly 600 participants from Croatia and abroad gathered at the regional financial conference Challenge of Change, jointly organized by the Association of Pension Fund Management Companies and Pension Insurance Companies (UMFO) and the Zagreb Stock Exchange.
This year’s edition reaffirmed the conference’s position as a key platform for the financial industry, investors, and regulators – and as a forum shaping the region’s economic and capital market dialogue.
Opening Remarks: Cooperation as the Foundation of Trust
The conference was officially opened by Gordan Šumanović, President of UMFO, and Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange. Both emphasized the importance of collaboration between institutions and market participants in strengthening transparency and investor confidence.
“When assessing our pension system as a whole, we should highlight the Mercer-CFA Global Pension Index (GPI), which evaluates 52 countries”, Šumanović said, adding that, this year, Croatia surpassed Germany and ranked 21st, ahead of Ireland, Portugal, Spain, Poland, Italy, and Austria.
Gažić added: “The success we see in 2025 reflects the joint effort of the entire market ecosystem – issuers, brokers, investors, regulators, and international partners… Developing local markets and creating synergies that drive collective growth remain key priorities.”
Keynote Messages from Government and Regulators
Participants were also addressed via video message by Marko Primorac, Deputy Prime Minister and Minister of Finance, who underlined the importance of close cooperation between policymakers and the private sector.
Melita Čičak, Director of the Directorate for Pension System of the Ministry of Labor, Pension System, Family and Social Policy, noted that mandatory pension funds now manage more than EUR 25.3 billion in assets for nearly 2.4 million members – playing a crucial role in financing domestic projects and businesses.
Anamarija Staničić, Deputy President of the Board of Hanfa, pointed out that the Croatian capital market is entering a new phase of modernization, digitalization, and inclusiveness, adding that citizens should be enabled to actively participate in growth of the market.
Insights from International Experts
Leading domestic and international speakers discussed global and European trends in capital markets and fund management.
Gerhard Schwarz, Head of Equity Strategy at Baader Bank AG, presented an analysis of macroeconomic developments shaping European and global markets.
Panels covered a wide range of topics – from defining effective investment exit strategies and portfolio adaptation to the rise of artificial intelligence and trends in regional real estate markets.
Regional Champions: Growth Beyond Borders
A highlight of this year’s program was the panel “Regional Champions: Beyond Borders”, moderated by Ivana Gažić. The discussion brought together prominent regional business leaders whose companies have successfully expanded beyond national markets:
Gordan Kolak (KONČAR Group), Michał Kędzia (Enterprise Investors Fund), Zhivko Mukaetov (Alkaloid), and BOSQAR’s Luka Orešković.
Representing BOSQAR INVEST, Orešković spoke about the group’s approach to regional diversification and financing growth through the capital market. He highlighted BOSQAR’s experience as one of the most active issuers on the Zagreb Stock Exchange and emphasized how sustainable financing models can empower cross-border expansion.
The panel underscored the importance of regional cooperation, innovative growth strategies, and the role of capital markets in supporting companies that drive Southeast Europe’s economic integration and competitiveness.
