Millennium Capital Management, a major global investment firm with over $92 billion in assets under management, is establishing a formal presence in Greece by setting up Millennium Capital Management (Greece). This new private company, with an initial share capital of €100,000 ($116,000), marks a shift from Millennium's previous role as a prominent international investor to one with a formally established business operation in the country. The move is seen as a significant symbolic gesture in the Greek capital markets, as Millennium is one of the world's largest and most influential hedge fund managers.
The new Greek entity's primary business will be portfolio management services, excluding pension funds, and will also provide financial advice. The Greek operation is largely controlled by New York-based Millennium International Management LP, holding a 99% stake after contributing €99,000, with the remaining 1% held by Wilmington, Del.-based Millennium Group Management LLC. Martin Pabari, Millennium's London-based CEO for Europe, the Middle East, and Africa, has been appointed to lead the Greek entity, underscoring its direct connection to the firm's broader European management structure.
Millennium has been an active, and at times closely watched, investor in Greece for the past five years, particularly noted for its aggressive short positions in Greek-listed companies, including in the energy sector, and a recent short on Alpha Bank. However, analysts suggest these short positions are part of more complex multi-strategy investing, including arbitrage and hedging, rather than merely betting on market declines. The establishment of a local corporate entity indicates Millennium views the Greek market as having sufficient depth and investment opportunities to warrant a long-term strategic presence, likely driven by the overall upgrade of the Greek economy and capital markets.
This strategic move allows Millennium to be closer to listed companies, banks, and domestic institutional investors in Greece, gaining better insight into a market increasingly attracting international capital. The firm may participate in placements, capital increases, corporate debt market transactions, special financing, and complex arbitrage opportunities between Greek and other European markets.
