The firm, which manages about $92 billion in assets, has set up Millennium Capital Management (Greece), a private company with initial share capital of €100,000 ($116,000). The move marks a more structured presence in the country for Millennium, whose activity has drawn attention among investors in Greece’s relatively small but increasingly active equity market.
According to the company’s incorporation documents, the new entity’s primary business will be portfolio-management services, excluding pension funds. Its stated activities also include the provision of financial advice.
The Greek operation is almost entirely controlled by New York-based Millennium International Management LP, which holds a 99% stake after contributing €99,000 of the initial capital. The remaining 1% is held by Millennium Group Management LLC, based in Wilmington, Del., which contributed €1,000.
Martin Pabari, Millennium’s London-based chief executive for Europe, the Middle East and Africa, has been appointed to lead the Greek entity, underscoring the new operation’s direct connection to the investment firm’s broader European management structure.
For participants in Greece’s capital markets, Millennium is hardly a newcomer. The investment firm has maintained a visible presence on the Athens Stock Exchange over the past five years, attracting particular attention for short positions it has disclosed from time to time in Greek-listed companies, including stocks in the energy sector.
The establishment of a local corporate entity, however, represents a new stage in Millennium’s relationship with the Greek market, shifting its presence from that of a prominent international investor to one with a formally established business operation in the country.
