Key Takeaways
- • Millennium Management is considering opening an Athens office, according to a Bloomberg report citing unnamed people familiar with the matter, and is in discussions with Greek authorities including on staffing requirements.
- • London-based portfolio manager Rahul Chopra is among those considering relocating to Greece, per the sources cited by Bloomberg.
- • Verition Fund Management is also examining an Athens presence, but its plans are at an early stage and no decision has been made.
- • Millennium, Rokos Capital Management and Verition collectively oversee about $134bn in assets, a scale that underlines the significance of the moves for Greece's hedge fund ambitions.
- • The UK industry employs about 40,000 people and generates roughly £3.9bn in tax revenue, with UK hedge funds managing about £400bn (around 10% of global industry assets), according to AIMA.
Summary
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 senior investment talent, according to a report by Bloomberg. The report cites unnamed people familiar with the matter as saying that Izzy Englander's multi-strategy firm 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.
Fellow multi-strategy manager Verition Fund Management is also examining an Athens presence, though its plans remain at an early stage and no decision has been made. Millennium, Rokos Capital Management and Verition together 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 to 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 London's attractiveness as a base for wealthy individuals and investment firms.
London remains by far Europe's dominant hedge fund centre. According to AIMA, the UK industry employs about 40,000 people and generates approximately £3.9bn in tax revenue, while UK hedge funds manage roughly £400bn, or around 10% of global industry assets. Nonetheless, firms have increasingly expanded their geographical footprint as traders and portfolio managers become more willing to relocate, with Dubai and Abu Dhabi emerging as significant alternatives alongside Geneva, Singapore and Hong Kong.
Fellow multi-strategy manager Verition Fund Management is also examining an Athens presence, though its plans remain at an early stage and no decision has been made. Millennium, Rokos Capital Management and Verition together 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 to 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 London's attractiveness as a base for wealthy individuals and investment firms.
London remains by far Europe's dominant hedge fund centre. According to AIMA, the UK industry employs about 40,000 people and generates approximately £3.9bn in tax revenue, while UK hedge funds manage roughly £400bn, or around 10% of global industry assets. Nonetheless, firms have increasingly expanded their geographical footprint as traders and portfolio managers become more willing to relocate, with Dubai and Abu Dhabi emerging as significant alternatives alongside Geneva, Singapore and Hong Kong.
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