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About us

ALSAR Financial Innovation (AFI) is a hedge fund management company, which offers its clients financial asset management services through investing in several classes of instruments, such as main indices, gold, currencies, bonds, equities, ETFs and options on these instruments, as well as their specific mix (structured products).


ALSAR Financial Innovation is a limited partnership founded in Skopje in 2014. AFI is pioneer in implementing derivatives for hedging the clients' investment risk, something never before done in Macedonia.

On 13.11.2014 the Company was registered in the Central Registry under the trade registry number 6994458. The Company will set-up and manage hedge funds. The Company address is Ul.Mitropolit Teodosij Gologanov br.54/1-4, 1000 Skopje, Republic of Macedonia.


Mission and Values


AFI is determined to become the leading hedge fund management company in the region, through demonstrating exceptional professionalism in asset management and thorough dedication to risk management.


  • Providing for a constant growth of the Fund and the Company through effectively managing investors' assets
  • Attracting wide group of investors which prefer hedged investments and structured products features in investing
  • Realizing high income on invested assets (a specific investment objective of min 8% p.a.) providing strict risks management at all times

Our Team



The President and founder of the company is Sasha Grujevski. Sasha graduated at Faculty of Economics in Skopje at UKIM. He has attained many internationally accredited diplomas covering the financial markets area, among which Risk Management in Banking from Georgetown University, Washington; International Capital Market Qualification, MSE and LSB etc. He held many managerial positions in four banks in Macedonia, where he worked for over 16 years, mainly leading the treasury function in the financial markets segment (Executive Manager; Assistant General Manager; Des CFO).

Mr. Grujevski has completed economic diplomacy term in US from August 2011 through March 2014, where through the specifics of FDI policy has developed relationships with many Fortune 500 companies as well as many financial institutions, REITs and Investment Funds.

Marjan Stojanovski performs the function Investment Portfolio advisor. Marjan graduated at Faculty of Electrical Engineering in Skopje at UKIM. From his multiyear experience in the area of finance we may point out – CEO of the private fund Potenca Kapital, Skopje.

Mr. Stojanovski has acquired many international certificates among which, Options and Futures Trading from the Chicago Mercantile Exchange; International Capital Market Qualification, MSE and LSB etc.

Toni Jovevski is Independent Advisor as well as inhouse Software Developer. Toni graduated at Faculty of Electrical Engineering and Information Technologies in Skopje at UKIM . Now he is preparing his master thesis at Faculty of Computer Science and Engineering about Sructured products in Finance.

Gorjan Grujevski performs the function of company manager. Gorjan is in his final year of studies at University of American College in Skopje, UASC. His attribution and expertise is in technology companies in United States and wider as well as maintaining the regular reporting to the Central Bank of Macedonia.

Investment Strategies

AFI investment strategy is determining the Real Value or initiating Arbitrage between certain instruments. Our experienced team amplifies the small price differences into a sizable profits using options and a combination of ETFs without compromising our main motto: prudent risk management at all times.

AFI invests by initiating mainly hedged transactions through long option positions as well as through the elements of so called structured products. The total risk of such investing is very small, as a result of the embedded mechanisms for limiting the risk (buying options means limited risk of losses to the maximum amount up to the price paid for the option-the premium).

Our strategies are grounded in thoughtful research and developed by experienced team members with diverse personalities. We understand how to bring multiple perspectives to the toughest challenges, engage in vigorous debate and arrive at the best solution.

Contact us


ul.Mitropolit Teodosij Gologanov br.54/1-4

Tel: +389 2 6 092 887


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