Elan Capital Management, led by Renos Dimitriou, is looking at whether to set up an office in Athens. People familiar with the discussions say the London-based hedge fund has had early conversations with Greek authorities as it weighs the move, and one of them said nothing has been decided. Elan's representative did not reply to messages requesting comment.
Earlier this week, news broke that Chris Rokos is leaving the UK and switching his tax residency to Greece. Since then, more firms have surfaced as potential newcomers to Athens, including multistrategy shops Millennium Management and Verition Fund Management. Bloomberg News reported that Rahul Chopra, a London-based portfolio manager at Millennium, is among those considering relocating.
The search for lighter tax bills is pushing hedge fund talent beyond Dubai and Abu Dhabi to places like Athens, Switzerland, Milan and Jersey. Meanwhile, Singapore and Hong Kong are exploring tax changes aimed at pulling high-earning traders back.
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Following his exit from Pine River Capital Management, he launched Elan as a standalone hedge fund in January 2018, concentrating on fixed income relative value and running outposts in London, Helsinki and Singapore. An investor document reviewed by Bloomberg News shows that at the start of last year Elan managed in excess of $4 billion in assets. Dimitriou previously worked at Royal Bank of Scotland, Deutsche Bank AG and Lehman Brothers.
If Elan adds an Athens base, it would be another sign that hedge fund teams are shifting to hubs such as Switzerland, Milan and Jersey, with Asia's big centers weighing their own incentives.
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