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Millennium Management, one of the world’s largest hedge funds, is planning to open an office in Athens, according to people familiar with the situation, as the Greek government launches a charm offensive to woo global investors.
Rahul Chopra, senior portfolio manager at Millennium, is expecting to move to Athens from London, the people said. Millennium and the Greek finance ministry declined to comment.
The move comes in the wake of a new tax scheme unveiled by the Greek government this summer that specifically targeted private equity and hedge fund executives. Billionaire hedge fund manager Chris Rokos, founder of Rokos Capital Management, is moving his tax residency from the UK to Greece.
Greece already had a favourable tax rate for foreign individuals which allows them to keep foreign income assets out of the Greek tax net in exchange for a €100,000 annual fee.
Under the new regime, those who qualify and relocate to Greece pay a 5 per cent tax on bonuses and carried interest — investment managers’ share of profits from successful deals — compared with the standard 15 per cent rate. But they also need to have a real presence in the country by spending €3mn a year on running expenses.
New York-based Millennium runs more than $97bn in assets under management and employs more than 7,000 people. It has more than 360 investment teams trading across all asset classes.
The new Athens office is in line with Millennium’s pitch to investment staff and portfolio managers that they can have significant geographic flexibility.
Izzy Englander’s firm allows staff to work from more than 140 locations around the world.
The firm was exploring alternative destinations for its investment staff based in the United Arab Emirates following the outbreak of the Iran war. Earlier this week, the FT reported that Millennium was in discussions with Geneva authorities to strike a tax deal in the canton and expand its office there.
There are no specific headcount targets for the Greek outpost, a person familiar with the plans for the new office said, but it is expected to grow in line with demand from traders.
