Millennium Management is considering opening an office in Athens, adding to signs that Greece is emerging as a potential destination for hedge fund firms and their senior investment talent, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that Izzy Englander’s multi-strategy hedge fund is in discussions with Greek authorities over a possible Athens operation, including its staffing requirements. London-based portfolio manager Rahul Chopra is among those considering relocating to Greece, the sources said.
Fellow multi-strategy manager Verition Fund Management is also examining the possibility of establishing an Athens presence, although its plans remain at an early stage and no decision has been made.
Millennium, Rokos Capital Management, and Verition collectively oversee about $134bn in assets, underlining the potential significance of the moves for Greece’s ambitions to develop a larger hedge fund industry.
The discussions follow the decision by Rokos founder Chris Rokos to leave the UK for Greece, a move that has strengthened Athens’ efforts to position itself as an alternative base for wealthy hedge fund founders and investment professionals.
Greek Finance Minister Kyriakos Pierrakakis is expected to meet financiers during an upcoming London visit as the government seeks to promote Greece as a destination for financial professionals considering relocating from the UK.
The campaign comes amid growing competition between financial centres for mobile hedge fund talent, with tax increases in Britain adding to the debate over the attractiveness of London as a base for wealthy individuals and investment firms.
London remains by far Europe’s dominant hedge fund centre. The UK industry employs about 40,000 people and generates approximately £3.9 billion in tax revenue, according to industry body AIMA, while UK hedge funds manage roughly £400 billion, representing around 10% of global industry assets.
However, hedge fund firms have increasingly expanded their geographical footprint as traders and portfolio managers become more willing to relocate. Dubai and Abu Dhabi have emerged as particularly significant alternatives, alongside established financial centres including Geneva, Singapore and Hong Kong.
