Chairman of the board
Chief Executive Officer
Inv. Commitee: PMs & Analysts
Head of IT
IT Team
Chief Operations Officer
Ops & Fund Admin Team
Chief Risk Officer
Head of Legal & Compliance
Legal & Compl. Team
Head of Sales & Marketing
Sales, Mktg., Digital, B. Dev. Team


Board members

Stanimir Karolev

Chairman of the board

Mr. Stanimir Karolev is founder and Chairman of the Board of Directors of Karoll Capital Management and Karoll Financial Group.

Since 1993,he has pioneered brokerage services, alternative investment and asset management in Bulgaria.

Currently he navigates Emerging Europe expansion.

The founder of Karoll has been forging the principles, processes, and visions of the Group companies in line with the highest professional standards.

In the course of 10 years he has been committed to boosting financial education and scientific research and in 2018 founded Karoll Knowledge Foundation.

Daniel Ganev, MBA

Chief Executive Officer

Daniel Ganev is CEO at Karoll Capital Management. He oversees the administrative duties of the firm, overall business strategy and product development. He is responsible for the firm’s strategic partnerships with international institutions in Europe, America and Asia. Daniel serves as a Board member at the Bulgarian Association of Asset Management Companies (BAAMC), where he chairs the International Relations Committee.

In 2003 Daniel pioneered the first local equity fund – Advance Invest MF, and became its Portfolio Manager. Before this project, he worked as a Capital Markets Analyst. Daniel received professional training in the USA at Merrill Lynch, SG Cowen New York, Sony Electronics, and then served in the army. He holds a Bachelor's degree in Business Administration from William Paterson University, USA and an MBA from Cambridge University, U.K. He is also licensed as an Investment Consultant by the FSA.

Nadia Nedelcheva, CFA

Nadia Nedelcheva is the Chief Investment Officer and Head of Portfolio Management at Karoll Capital Management. She has been with the Group since 2003 when she joined the client relationship department with responsibility for international clients. Later she became an Analyst, eventually heading the Research Department at Karoll Brokerage. In 2007 Nadia moved to Karoll Capital Management as the Head of Research. Currently she sits on Karoll Capital’s investment committee, which supervises the investments of the mutual funds, managed accounts and institutional mandates. She is involved in the management of mutual funds and institutional mandates with focus on Emerging Europe.  

Prior to Karoll Financial Group, Nadia worked as a Business Analyst at the biggest Bulgarian pharmaceutical company with responsibilities to analyze the group’s investments, conduct market research, budgeting, etc.

Nadia holds a degree in International Economic Relations and in Finance from the University of National and World Economy, Sofia.  She is a licensed Investment Consultant with the FSC. In 2007 Nadia became a CFA charterholder.

Investment team

Konstantin Prodanov

Chief Investment Strategist

Konstantin joined Karoll's team in 2019 as Chief Investment Strategist.  He has more than 19 yrs of experience in trading, multi-asset portfolio management and research in the Global, Asian and Emerging Europe markets; In Karoll Capital he is responsible for Emerging Europe institutional mandates and UCITS funds; Previous employers include Goldman Sachs, UBS, Allianz, Dresdner Kleinwort Wasserstein.

Konstantin has BA/MA in International Law from Sofia University and MA in International Economics from the International University of Japan. He is fluent in English and Russian, working knowledge of French and Japanese.

Georgi Georgiev

Portfolio Manager

Georgi Georgiev is a Portfolio Manager at Karoll Capital with responsibilities mainly for the Managed Accounts services, focusing on the global capital markets and covering various asset classes, geographies and sectors.

He has been a member of Karoll Capital’s team since 2008. He started as a research analyst with focus on the East European stock markets (specifically Russia, Romania, Croatia and Bulgaria), helping private clients invest in the region. In 2012 Georgi took over as Portfolio Manager of Advance Invest - the first local mutual fund, investing in Bulgarian and Romanian equities.

Georgi began his career in finance at Alfa Finance Holding and Bulbrokers. He also gained experience at the controlling department of Kraft Foods Co. headquarters in the USA.

Georgi has a Master’s degree in Finance from the University of National and World Economy. He also holds an Investment Consultant license by the Financial Supervision Committee (FSC).

Tihomir Kaundzhiev

Portfolio Manager

Tihomir Kaundzhiev is a Portfolio Manager at Karoll Capital Management since 2017. As a PM of Advance Invest Mutual Fund, his current focus is on the Bulgarian and Romanian markets.

Tihomir started his career in finance in 2005 as а Banking Consultant and Credit Analyst. Later, he held a position as a Financial Analyst in the field of corporate credit ratings of companies operating in construction, energy, insurance, banking, printing etc. In 2007 he moved to a Financial Analyst role for a local investment firm covering public companies. In 2009 he obtained an Investment Consultant license by the FSC and became a Portfolio Manager in the field of wealth management with focus on the global equity markets, commodities and FX.

Tihomir holds a Master of Finance degree from NBU with a major in Financial Markets and a Master's thesis in the practical application of corporate convertible bonds. He was a Socrat / Erasmus university student specializing in Corporate Finance in Parma (Italy). Tihomir was also a participant in the Summer School of Modern Banking by the Atanas Burov Foundation. He is also a lecturer in Technical and Fundamental Analysis at NBU and a guest lecturer at the American University in Bulgaria.

Simeon Keranov

Portfolio Manager

Simeon Keranov is a Portfolio Manager of the UCITS Advance Global Trends. He joined the team in 2018 as a Research Analyst, supporting the portfolio management of Advance Global Trends mutual fund by analyzing public companies, studying sectors and regions and examining the macroeconomic environment.

Prior to Karoll Capital, Simeon worked as a financial analyst at one of the biggest leasing companies. His main responsibilities included business analysis of sectors and companies, financial statement analysis, forecast preparation. Moreover, he participated in various innovative projects, winning 3 awards for his achievements as a team member such as “the most innovative personality”. He also has more than 3 years of experience as an accountant.

Simeon holds a Bachelor’s degree in Accounting from the University of National and World Economy, Sofia and a Master’s degree in Finance from Tilburg University, Netherlands.

Vasil Karaivanov

Chief Risk Officer

Vasil Karaivanov is the Chief Risk Officer at Karoll Capital Management. He joined the team in 2018 following Directorship positions with Matador Prime Investment Intermediary, European Program Advisory, and Balkan Securities.

Vasil also teaches at Sofia University “St. Kl. Ohridski” as an Assistant Professor in “Theory and management of investments”, “Money, banking and financial institutions”, "Project finance" and “ Advanced Macroeconomics”, as well as at City University of Seattle (Sofia campus) and at Centre for Business and Education “Hermes”.

In the past he worked as a Portfolio Manager at Zlaten Lev Asset Management, as an Investment Advisor at Zlaten Lev Investment Intermediary, Sr. Asociate at Balkan Advisory Company.

Vasil holds a Bachelor’s and Master’s degrees in Economics from Sofia University, where he is currently a PhD Candidate in Economics. He is a licensed securities broker and investment consultant. Vasil has participated in various conferences and has received several awards in the field of capital markets.

Emil Yanchev

Research Analyst

Emil Yanchev is a financial analyst at Karoll Capital Management. He is part of the company since 2017. His responsibilities include investment analysis of public companies from Central and Eastern Europe (Poland, the Czech Republic, Hungary, the Baltic), sectoral studies and macroeconomic analyses. He also participates in the preparation of the strategy for the mutual fund Advance Emerging Europe Opportunities and supports its management processes. He holds a Bachelor's degree in Business Administration from Sofia University "St. Kliment Ohridski" and is part of the Chartered Financial Analysts (CFA) program.

Georgi Raykov

Research Analyst

Georgi Raykov is a Research Analyst at  Karoll Capital Management. He joined the team in 2015 after successfully completing the summer internship program at Karoll Corporate University. His research focus is on the Eastern European equity markets, more specifically: Russia, Ukraine and the Balkan countries - Romania, Croatia, Bulgaria and Serbia.

He also closely follows the commodity markets as these trends are significant for the developments in the regional countries. Among his highlighted sectors are: energy, materials, consumer retail, industrials and technology.

Prior to joining the firm Georgi gained experience as a manager in the hospitality industry at Albena Sea Resort.

Georgi holds a Bachelor’s degree in International Economic Relations and a Master’s degree in Financial Management from the University of National and World Economics (UNWE) - Sofia.


Research Analyst

Oguz Ziddioglu is Karoll Capital’s research analyst based in Istanbul, Turkey. He started his career in finance in 2007 with Fortis Bank. He worked for a year in their Bahrain branch and a further two years in their Malta branch, where he was primarily responsible for the booking of Letters of Credit, Letters of Guarantee and other trade financing solutions.

Since 2012 Oguzhas worked as a buy side equity analyst at one of the largest asset management firms in Turkey. He holds a Bachelor’s degree in Economics from the University of Washington and a Master’s in Finance degree from Sabancı University.


Bistra Koceva

Bistra Kotseva is the Procusist at Karoll Karoll Capital Management. She runs the process of business development and in-house production of marketing materials and sales aids. Bistra is also in charge of all presentations and road shows to institutional, corporate and private clients. She joined Karoll in 1997 as one of the first team members who are still with the company. Since 2006 her focus has been the local institutional investors including private pension funds and insurance companies.

Bistra Kotseva is a graduate from the University of National and World Economics – Sofia, and holds a Master’s Degree in Accounting and Control.

Stoyka Koritarova

Chief Operations Officer

Stoyka Koritarova is the Chief Operations Officer, responsible for the administration of the various business. processes at Karoll Capital Management. She joined the firm in 2004 – shortly after it was established - as a Chief Accountant, overseeing the asset management company’s and funds’ accounting, financial statements preparation and reporting.

Prior to joining Karoll Capital, Stoyka worked at one of the top accounting firms in Sofia. She also obtained more than 3 years of experience as an accountant at a major commercial company.

Stoyka has a Master’s degree in Accounting and Control from the University of National and World Economy (UNWE), Sofia.

Kameliya Stoyanova

Head of Legal & Compliance

Kamelia Stoyanova is the Head of Legal & Comliance department at Karoll Capital Management. She joined the team in early 2018. Prior to this she worked at Karoll Group as a legal advisor to Karoll Finance Ltd., a service company of Advance Terrafund REIT.

Kamelyia has completed an internship at the Sofia District Court during the period 2011 to 2012, on a joint program with the Fulbright Commission. Earlier she was a trainee at the legal department of Raiffeisenbank Bulgaria. She has also worked at the office of one of the top private judicial executors in Sofia.

Kameliya graduated with a Master’s degree in Law from Sofia University St. Kliment Ohridski in 2012. In 2013 she successfully passed the exam for joining the Sofia Bar to become attorney of law. She holds a diploma for an English Law course organized by the University of Cambridge and Sofia University.

Kristina Doncheva

Head of Sales & Marketing

Kristina Doncheva is the Head of Sales & Marketing at Karoll Capital Management. She has been a memember of Karoll’s team since 2007. Her responsibilities include organizing the work of the department, managing relations with corporate and private clients, as well as organizing trainings and client events.

Today, Kristina feels extremely fortunate to have a career where she is continuously learning about investing and sharing her knowledge with a group of extraordinary people, Karoll’s clients.

Kristina holds a Bachelor's degree in International Tourism from the University of National and World Economy, Sofia, Bulgaria  and a Master's degree in Small & Medium Business Management from the University of Rey Juan Carlos, Madrid, Spain.

Peter Ketenev

Head of IT

Peter Ketenev is the Head of IT department at Karoll Capital Management. He is responsible for the secure and effective operation of all computer systems, related applications, databases, hardware and software. He implements and manages security and backup procedures, and guides a team of in-house and external programmers, analysts and support specialists based on project requirements.

Peter was one of the first people to join the Karoll Financial Group more than 20 years ago straight out of college. Since then he has progressed through various functions and departments within the group, climbing up the ladder while developing key tech skills.

Peter holds a Master’s degree in Finance from the University of National and World Economy (UNWE), Sofia.

Asya Asenova

Compliance Officer

Asya Asenova is a Compliance Officer at Karoll Capital Management. She joined the firm in 2014 and for the first three years she worked as a Front and Back Office Specialist.

Since 2017-end Asya has been responsible for the regulatory and operational compliance as well as internal control at Karoll Capital Management. Altogether she has more than 10 years of experience in the financial sector for companies such as TBI Bank, Benchmark, etc.

Asya holds a Bachelor’s degree in Public Administration from New Bulgarian University, Sofia.

Yana Banova

Client Service Specialist

Yana Banova is a Client Service Specialist at Karoll Capital Management since 2015. She is responsible for maintaining relations with the firm's private clients, keeping regular communication with them about various investment opportunities. She also organizes personal finance trainings for clients and partners of Karoll Capital.

Prior to joining Karoll, Yana was a vocational training teacher at the National Commercial Banking School in Sofia. There she headed the students team of Karoll's Junior International Investment Intermediary - a practical parnership project between Karoll Group and the high school.

Yana holds a Bachelor’s degree in Finance from the University of National and World Economy (UNWE), Sofia.

Desislava Dimitrova

Client Service Specialist

Desislava Dimitrova is a Client Service Specialist at Karoll Capital Management since 2018. She is responsible for managing private client accounts, maintaining regular communication and documents exchange with focus on Karoll’s savings plan for retail investors.

Desislava has more than 8 years of experience in sales and customer relationship management. She graduated from Southwest University "Neofit Rilski" with a degree in Applied Linguistics with English and Greek.

Sonya Veleva

Marketing Manager

Sonya Veleva is the Marketing Manager at Karoll Capital Management. She joined the team in 2018 with responsibilities for building and executing the marketing strategy of the company.

Prior to this position, Sonya worked as a Digital Marketing Specialist and Communications Manager at construction industry leader Weber (Saint-Gobain).  She also has experience in event management.

Sonya holds a Bachelor’s degree in Economics and Business Economics, as well as a Master’s degree in Marketing from Erasmus University of Rotterdam. While in the Netherlands she also did an internship at a Dutch start-up.

Eva Stoynova


Back Office Specialist

Eva Stoynova combines the positions of an Accountant and Back Office Specialist at Karoll Capital Management. She joined the team in 2015, right after she graduated from the Technical University in Sofia with a Bachelor’s degree in Business Administration.

Eva started her career as an operational accountant, assisting with the book-keeping process, reporting and fund administration.

Stoyka Papratilova

Front and Back Office Specialist

Stoika Papratilova is Front and Back Office Specialist at Karoll Capital Management since 2015. Prior to this she worked as a Front Office Expert at Karoll Brokerage since 2011. She has more than 15 years of experience in the field of back office and operations obtained at different brokerage firms.

Stoika holds a Master’s degree in Accounting with Minor in Financial Analysis from Plovdiv University “Paisyi Hilendarski”. She also has a brokerage license issued by the Financial Supervision Commission in 2006.

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