Dimitriou’s Elan Joins Hedge Funds Mulling an Office in Greece

(Bloomberg) — Renos Dimitriou’s Elan Capital Management is exploring a plan to open an office in Athens, joining a cohort of hedge fund peers eyeing the Greek capital as a new destination to base some of their staff.

London-based Elan has held preliminary talks with authorities in Greece as it weighs its options, people with knowledge of the matter said, asking not to be identified discussing private information. No decision has yet been made, one of the people said.

A representative for Elan did not respond to messages seeking comments.

Since Chris Rokos’ decision to exit the UK and move his tax residency to Greece was revealed earlier this week, it’s emerged several other firms have also been looking at Athens to open their new offices. Some of those include multistrategy hedge funds Millennium Management and Verition Fund Management. Rahul Chopra, a London-based portfolio manager for the former, is among staff considering a move, Bloomberg News reported earlier.

The range of destinations benefiting from hedge fund talent exiting London because of rising taxes in the UK has now expanded well beyond Dubai and Abu Dhabi to Athens, Switzerland, Milan and Jersey. Singapore and Hong Hong — the other traditional hubs — are also considering plans to reduce taxes to lure back rich traders.

Dimitriou, who emigrated from Greece to the US after getting a green card at the age of 15, spun out of Pine River Capital Management and started Elan as an independent hedge fund in January 2018. The firm runs a fixed income relative value strategy from offices in London, Helsinki and Singapore, and had more than $4 billion in assets at the start of last year, according to an investor document seen by Bloomberg News.

Dimitriou’s previous employers include a raft of banks ranging from Royal Bank of Scotland, Deutsche Bank AG to Lehman Brothers.

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