Hedge fund Millennium Capital with a history of shorting Alpha Bank's stock established a private company in Marousi

Millennium Capital Management, a multistrategy hedge fund with a well-documented history of short positions in Greek equities, incorporated a subsidiary in Marousi, Greece, on June 20, 2026. The new entity, capitalized at €100,000, was established to leverage Greece's enhanced tax incentive framework rather than to establish traditional office operations, contrary to earlier market reporting. The structure allows qualifying hedge funds to benefit from 5% taxation on performance bonuses and investment returns, provided they maintain minimum operating expenses of €3 million for physical office infrastructure.

The Greek tax initiative has catalyzed broader hedge fund migration to Athens. According to Bankingnews sources, at least 12 hedge funds—including Rokos Capital Management and Millennium Capital Management—have already established Greek corporate entities to participate in the favorable regime. Notably, several of these funds had commenced Greek market activities before the tax framework's formal adoption, suggesting the incentive structure formalized and accelerated existing strategic positioning rather than generating entirely new entry.

Millennium Capital's engagement with Greek markets spans over a decade, characterized primarily by short activism in undervalued and restructuring-stage companies. The fund executed coordinated short campaigns against Alpha Bank across two distinct periods (2013–2014 and 2021–February 2026), capitalizing on the banking sector's non-performing loan resolution cycle. Additional short positions targeted Terna Energy (2023), Motor Oil (2026), and Metlen (2026). These strategies reflect opportunistic capital deployment during corporate deleveraging and asset quality normalization, though the fund's portfolio construction occasionally incorporates offsetting long positions to manage sector exposure.

Millennium Capital operates as a diversified alternative investment manager with substantial global institutional infrastructure. The firm employs over 7,000 personnel across 140 geographies and maintains principal offices in New York, London, Dubai, and Paris. This organizational scale underscores the fund's capacity to execute simultaneous multi-market strategies and positions it advantageously to capture alpha through platform diversification—consistent with the hedge fund's broader strategic positioning as a global financial operating system rather than a single-strategy vehicle.