Hedge Funds Consider Opening Offices in Athens

Millennium Management and Verition Fund Management have held discussions with Greek authorities about opening offices in Athens, and a London-based portfolio manager is reported to be considering a move to Greece.

People familiar with the discussions say Millennium has talked through operational plans with officials, including staffing needs and local regulatory arrangements. Verition’s consideration of an Athens presence is at an early stage and no final decision has been made.

The talks come after hedge fund founder Chris Rokos relocated from the UK to Greece. Greek officials are promoting Athens as an option for fund managers and senior investment staff considering relocation from the UK.

Greek Finance Minister Kyriakos Pierrakakis plans to meet financiers during an upcoming visit to London to make the case for relocation to Greece.

Together, Millennium, Rokos Capital Management and Verition oversee about $134 billion in assets. London remains Europe’s largest hedge fund centre: the UK hedge fund industry employs about 40,000 people, generates roughly £3.9 billion in tax revenue and manages about £400 billion in assets.

Hedge fund firms have been expanding their geographic footprint in recent years, with managers moving to or opening offices in centres such as Dubai, Abu Dhabi, Geneva, Singapore and Hong Kong.

No firm involved has announced a move to Athens. Any decision on opening new offices or individual relocations will depend on tax rules, regulatory clarity, availability of skilled staff and the costs of operating hubs outside London.