The return of active management was the focus of the 7th Institutional Asset Management Conference (#famc25) organised by the Association of Institutional Investors, with senior representatives from the political and institutional leadership and the investment community.
The 7th Institutional Asset Management Conference of the Association of Institutional Investors #famc26 was held on Tuesday, 6 October 2026 at the Athens Concert Hall International Conference Centre. The conference is a meeting point and reference event for Greece’s institutional community, further highlighting the important institutional role of the H.F.A.M.A. and strengthening its presence as a market leader and thought leader, as well as an institutional adviser on government and business decisions and policies. The 7th Institutional Asset Management Conference was held with the support of ethosEVENTS, and attendees could participate in person or online through the LiveOn Events+ platform.
In his opening address, Chris Aisopos, chairman of the Hellenic Fund and Asset Management Association (H.F.A.M.A.) and chief executive of Alpha Trust, said the association had 43 members (34 full members and nine associate members), covering all companies operating in the institutional asset management sector. These companies employ about 700 people and manage assets of approximately €53 billion (as at 30 June 2026), up 8% from the end of 2025, thanks to new inflows and strong returns. Of that total, about 62% is in mutual funds, 26% in managed portfolios, 10% in real estate investment companies (REICs) and 2% in alternative investment funds.
On the theme of this year’s conference, “The return of active management”, Aisopos said that after years of passive management dominance, sharp market swings were once again bringing to the fore managers seeking and achieving outperformance through active management. Active management is therefore making a strong comeback in an uncertain environment, and we hope to continue to deliver outperformance through active management, and that everyone working at our member companies will remain employed rather than simply being replaced by the AI that is coming.
The conference was chaired by Maria-Marina Vasilikou, general manager of the Hellenic Fund and Asset Management Association (H.F.A.M.A.), and Agamemnon Kotrozos, chairman and chief executive of Eurobank Group Asset Management Mutual Fund Management Company and first vice-chairman of the board of the Hellenic Fund and Asset Management Association (H.F.A.M.A.). ,
At the conference’s first panel, entitled “Greece today”, moderator Eleftherios Charalambous, senior partner and managing partner of McKinsey & Company, Greece and Cyprus, referred in his introductory presentation to Greece’s current economic growth and the need for further structural changes in investment to strengthen convergence with Europe.
Thea Theoni Alambasi, secretary-general for the financial sector and private debt management at the Ministry of National Economy and Finance, spoke about two key reforms in the financial sector that have taken the country into a new era: “The Hercules programme and the new Insolvency Law. The Hercules programme helped the banking system rid itself of the legacy of the crisis. Without Hercules, we would not have regained investment-grade status.”
She added: “As for bank lending, the figures show €6.6 billion going to SMEs and €12 billion to large companies. The gap needs to narrow in favour of SMEs, with banks assessing viable business plans instead of demanding collateral exclusively. To reach 2030, businesses need access to sound financing, a good business plan and a vision. Through mergers and partnerships, they can grow and achieve the necessary scale.”
Thea Anastasia Stamou, second vice-chair of the Hellenic Capital Market Commission and chair of the Investor Compensation Fund, spoke about the Greek capital market’s success in restoring confidence. She noted in particular: “That was achieved through both the economy’s sustained progress and the stable, predictable supervisory framework we have applied in recent years. International investors seek stability, reliability and tax predictability. Our preventive supervision gives investors confidence that the rules are applied consistently.”
In his remarks, Giannos Kontopoulos, chief executive of Euronext Athens, referred to two changes the market has undergone in recent years: regaining investment-grade status and moving towards reclassification as a developed market. “In essence, the country’s discount rate changed — the denominator used to value Greek businesses and the economy. This is our most valuable achievement, and one we must safeguard,” he said, adding: “Mobilising capital is the cornerstone. This year, Europe’s largest capital raising took place in Greece (PPC, Piraeus Bank / Athens International Airport). Joining Euronext offers scale, technology and international visibility.”
Dr Haris Lampropoulos, chairman of the Hellenic Development Investment Bank (HDBI, formerly TANEO), said that in private equity and venture capital, investors in the early years (2019-2020) were looking for where the risk lay. Today, they are looking for investment opportunities. He also stressed that “the conditions are now in place to attract private capital to the real economy and Greek talent, beyond tourism and real estate. The challenge lies in the structure of Greek business, where more than 95% of companies are very small or small and medium-sized. International investors seek investments of scale in which to deploy their capital effectively. We need to connect institutional capital with alternative investments.”
Nikos Vettas, director-general of the Foundation for Economic and Industrial Research (IOBE) and professor at the Athens University of Economics and Business, referred to the low productivity levels in Greek businesses, particularly among small companies, which make up the majority in Greece, saying these needed to improve. He noted in particular: “Opportunities exist across and within all sectors. Value is now created by companies with the flexibility to expand into related fields.”
Vettas also made two points: the era of “free and abundant money” worldwide is over, and we are entering a period when money will be more expensive and more valuable; and Greece must operate as an integral part of the European economy. To accelerate growth from 2% to 3%, a further €5 billion to €10 billion a year in productive investment is needed — an entirely achievable amount on a European scale.”
Chris Aisopos, chairman of the Hellenic Fund and Asset Management Association (H.F.A.M.A.) and chief executive of Alpha Trust, discussed the potential to close the investment gap by mobilising domestic deposits and Greek capital. He said: “There is a structural problem with Greek households’ financial portfolios, which remain trapped in bank deposits (€153 billion) and real estate. The assets managed institutionally by H.F.A.M.A. members amount to just €53 billion (of which €32 billion is in mutual funds). At current inflation and interest rates, the €153 billion in deposits is earning a negative real return. The causes are financial illiteracy and a lack of adequate tax incentives for long-term saving. The new law on occupational pension funds and the ‘New Generation Savings Account’ are very positive steps, but bold tax-exemption incentives are needed.”
In his address, entitled “In a world in transition – distortion is opportunity”, Tilmann Galler, managing director and global market strategist at JP Morgan Asset Management, said, among other things: “We are experiencing a period of economic nationalism, supply-chain restructuring, the imposition of tariffs and vigorous government fiscal action. At the same time, the technological revolution in artificial intelligence (AI) is having a significant impact on economic growth and capital markets.”
In conclusion, he said active asset managers needed to be selective. They needed to balance the growth offered by the technology sector with investments in value stocks, income-generating stocks, real assets and alternative investments (Real Assets / Alternatives), to hedge against the risk of structural inflation in a world in transition.
The second panel was entitled “New prospects in occupational insurance under Law 5327/2026” and was moderated by Chris Aisopos, chairman of the Hellenic Fund and Asset Management Association (H.F.A.M.A.) and chief executive of Alpha Trust. The Minister of Labour and Social Security, Niki Kerameus, joined the panel.
Minister Niki Kerameus stressed that “the labour market has made remarkable progress. In 2019, unemployment stood at 17.9%; today, according to the latest data from the Hellenic Statistical Authority, it has fallen to 7.4% — just 0.1 percentage point above the country’s record low of 7.3%. Behind these figures are 600,000 more people in work than in 2019. However, we need additional workers, as the domestic labour pool is being depleted.” She also noted: “Today, the assets of occupational pension funds are below 1% of GDP, with about 55,000 members and an average individual account of €10,500. This shows the enormous scope for growth we have as a country. The second pillar does not abolish or replace the first pillar (EFKA), which remains the cornerstone of social security. It supplements it, however, through open occupational pension funds and open OAPE schemes, providing additional retirement savings. TEKA was a major reform that introduced a funded system. We overcame many institutional obstacles and bureaucratic hurdles. We are now in the final stretch before launching investment management of its portfolio in the immediate future.”
Dr Christos Nounis, chairman of the Hellenic Association of Occupational Pension Funds (EL.E.T.E.A.) and chairman of the Ministry of Finance Occupational Pension Fund (T.E.A.-Y.P.OIK.), said in his address: “The new law resolves the fundamental structural problem with Law 3029/2002, which required a minimum workforce of 100 and a specific occupational link — a condition met by just 2.5% of Greek companies. This restriction is removed by the open multi-employer occupational pension funds (open TEAs).”
He also said: “The existing large funds (banking and insurance funds) will be the first to get under way. Licensing is already under way for the large sectoral fund of the Panhellenic Federation of Hoteliers (12,000 businesses, 150,000 employees). In addition, collective labour agreements (the National Social Agreement) can help us increase coverage from its current level of 22%. In the future, when the European IORP II directive is transposed, we will also need to consider a semi-automatic enrolment mechanism (auto-enrolment).”
Elina Papaspyridou, director-general of the Hellenic Association of Insurance Companies, said: “The new law is a substantial step forward. The institutional role of insurance companies is now clearly recognised. The insurance market has more than 30 years’ experience in group pension schemes, manages over €2.3 billion in assets and has paid out €2.1 billion in benefits over the past decade (€510 million in 2024-2026). Open OAPE schemes operate as an umbrella for plans, while mandatory advice and suitability assessments ensure the protection of employees under the strict supervision of the Bank of Greece (Solvency II).”
Dr Demetrios-Vassilios Kokkinos, professor of energy geopolitics and chief executive of DVK Consultants LLC-Dubai, delivered a speech entitled “Geopolitical developments” and noted, among other things, that we are living in an era of global disorder, characterised by three pillars:
- a global economic system that is “on its last legs”, with no replacement in sight.
- The First Cognitive Revolution, driven by artificial intelligence (AI), which will be creatively disruptive and irreversible, and is frightening even its creators.
- The confirmed failure to meet the 1.5°C climate target.
He also stressed: “Geopolitically, we are essentially at war. The wars in Ukraine and the Middle East are part of the same conflict — a US-China war by proxy. In Europe, the lack of cheap energy has led to an economic crisis. A rapid shift towards the far right is under way, while Germany is already holding behind-the-scenes talks with Russia on reactivating Nord Stream.” In closing, he said: “Until now, we have operated within the framework of order; now we must learn to act within disorder. We walk differently in a garden, a forest and a jungle.”
The third panel focused on “New prospects in institutional asset management”, moderated by Alexandros Tsoukoupolos, chief investment officer at AssetWise Capital Management.
Christos Bosolis, investment director at Alpha Asset Management Mutual Fund Management Company, said that “the collective investment model is based on economies of scale. Small occupational pension funds face disproportionately high operating, administrative and supervisory costs, which act as a deterrent or eat into members’ returns. Greater scale reduces costs per member and unlocks access to private markets (Private Equity/Credit, Real Assets), which require high minimum investment amounts and specialised due diligence. We need to move from the idea of ‘one portfolio for everyone’ to personalised solutions.”
Dimitris Dalipis, CFA and investment director at Alpha Trust, said: “The real risk for an institutional investor is not short-term price volatility but failing to achieve adequate real returns over time. Time is our greatest asset. Experience over recent decades has shown that staying the course can create significant value. We need to move away from static allocations such as the traditional 60/40 portfolio and towards holistic management of risk and return drivers, while investing in advanced artificial intelligence (AI) and risk management tools.”
Byron Kanelis, head of discretionary portfolio investments at National Asset Management Mutual Fund Management Company, said: “Everything has changed over the past 15-20 years. Bonds no longer offer the absolute safety they once did, as became clear in 2022. In addition, developments in artificial intelligence could bring structural changes to employment. Alternative investments — particularly infrastructure funds, which provide inflation protection, and private equity and credit — are well suited to institutional investors with a 10- to 12-year horizon, offering an illiquidity premium. An allocation of 10% to 15% to private assets is an excellent choice.”
Aristomenis Papageorgakopoulos, general manager and head of the investments and corporate strategy division at Eurobank Asset Management Mutual Fund Management Company, said international practice dictates that: “In highly efficient markets, such as US large-cap equities, passive management or a low tracking-error approach (Core) can be used. In less efficient markets (small caps, emerging markets, high-yield bonds and private markets), however, active management is essential to generate outperformance. Bond markets are also subject to timing distortions caused by central banks and institutional investors, giving active managers significant scope.”
Konstantinos Kondakis, chief investment officer at Piraeus Asset Management Mutual Fund Management Company, said: “Home bias has strong arguments both for and against it. On the positive side are Greek managers’ in-depth knowledge of domestic companies and their management teams, and the recycling of domestic savings into the Greek economy. From 2019 to today, the Greek stock market has in fact risen more than the S&P 500 in euro terms, without foreign-exchange risk. The negatives include the high concentration risk associated with a market capitalisation of about €200 billion, the stock market’s bank-heavy index and limited sector diversification. Fortunately, the recent listings of shipping companies provide new diversification. We recommend a flexible home bias of 5% to 20% in international portfolios, depending on the economic cycle.”
Hania Schmidt, head of quantitative investment strategies in EMEA and global co-head of client portfolio management for QIS at Goldman Sachs Asset Management, said in her address entitled “Between Active and Passive: Evolving Alpha Opportunities in Equity Markets”, among other things: “Asset managers will increasingly differentiate themselves on the basis of three factors:
- experience at the helm: Artificial intelligence (AI) and data are simply tools, but human experience, expertise and common sense remain paramount.
- Scale and infrastructure: Processing 1 trillion data points every day across 15,000 companies requires enormous computing power and advanced graphics processing units (GPUs).
- A culture of continuous innovation: Investment models must be continually adapted. We repeat processes and update about 10% of our model’s components each year to ensure it continues to perform in the future.
The fourth panel , entitled “Property Investing in Greece” and moderated by Dimitris Papoulis, chief executive of Trade Estates REIC and chair of its investment committee, considered the question: “If you had €100 million in equity to invest in Greek real estate today, with a five-year horizon, where would you put it?”
Anna Apostolidou, chief executive of BriQ Properties REIC, said: “As a REIC, we follow a conservative leverage strategy (35%-40%), so €100 million in equity translates into €160 million in investment capital. We would allocate the portfolio 40% to logistics, 30% to prime offices, 20% to hotels and 10% to industrial properties. As for returns, with the Greek 10-year government bond (the risk-free rate) at 4.45%, we require a premium of at least 300 basis points. We therefore do not consider yields below 7%.”
Kostas Markazos, chief executive of Premia REIC, said: “Greece has achieved fiscal stability and offers attractive returns. At Premia, we started in 2020 with €30 million in properties and now exceed €1 billion. I fully agree that 7% is the minimum gross yield. Beyond logistics, we are making major investments in tourism (resorts/hotels), where deal sizes are large (€100 million-€200 million) and there is international liquidity and marketability.” He also stressed that “to attract foreign capital, REICs need to achieve scale (market capitalisation above €1 billion) and liquidity on the stock exchange.”
Panagiotis Karpathios, chief executive of Karpathios Development, said: “As a developer, we would invest the lion’s share in logistics, with an emphasis also on urban logistics and self-storage within city limits, which the market lacks, as well as hospitality. We target a minimum development margin of 12%. In logistics, completed assets are now changing hands at yields of 6.2%-6.4%. I believe the developer’s profit margin justifies taking on construction and permitting risk.”
Nikolaos Dimtsas, deputy chief executive of Dimand Real Estate Development, said: “€100 million in equity, with 65% leverage, corresponds to development projects worth €300 million (€400 million in value). At Dimand, we target a levered IRR (equity IRR) of 20% and a 2x cash multiple over three years. That translates into an IRR of 9%-12% for the end institutional buyer (a REIC/fund) acquiring the completed income-producing property.” He also noted: “With Greece’s investment-grade rating and the Athens Stock Exchange’s connection to Euronext, we expect international core funds to enter commercial real estate gradually.”
Fanis Stratopoulos, chief operating officer at Ten Brinke Hellas GoC, said: “Comparing Greece with Germany, the Greek 10-year government bond yields 4.5%, against 3.5% for Germany (a 100-basis-point spread). But in logistics, Athens offers yields of 7%-8%, against 4.6% in Germany (a 300-basis-point spread), while in offices, yields in Athens are 6%-7%, against 4.5% in Germany. This yield gap is strongly attracting Dutch and international capital. Foreign investors, however, ask first and foremost about the permitting pipeline and bureaucracy.”
The fifth and final panel , entitled “Private Investing in Greece” , was moderated by Markos Veremis, founding partner of Big Pi Ventures, chair of the Innovation Committee of the Hellenic Federation of Enterprises (SEV) and co-founder of Upstream.
Anastasia Stamou, second vice-chair of the Hellenic Capital Market Commission and chair of the Investor Compensation Fund, said, among other things: “The Hellenic Capital Market Commission’s goal is to channel private financing into productive investments with transparency and investor protection. We have managed to work in step with the market, removing bureaucratic obstacles without compromising our supervisory mission.”
Antigoni Limberopoulou, chief executive of the Hellenic Development Investment Bank, said: “By 2030, I envisage active PE/VC funds in Greece exceeding €5 billion-€7 billion on a permanent basis. HDBI acts as a catalyst and a provider of patient capital. Gradually, we will take half a step back from mature growth capital, which attracts private investors on its own, and focus even more strongly on deep tech, seed and pre-seed, biotechnology and first-time management teams.”
Apostolos Tambvakakis, chairman and chief executive of EOS Global Investors), said that “success is measured by assets under management (AUM) and successful exits. We need to think internationally. The main reasons for rejecting an investment are the difficulty of exiting and the entrepreneur’s quality and suitability. We are very grateful to HDBI and the Hellenic Capital Market Commission for institutional reforms such as the GP Umbrella. I expect to see a significant wave of M&A and consolidation among PE funds themselves in Greece in the coming years.”
Takis Solomos, chairman and chief executive of Elikonos Capital, referred to the sector’s next chapter, saying: “In five years, we must have delivered strong returns for the investors who trusted us and attracted international institutional LPs that invest globally. The culture of Greek family businesses has changed dramatically: entrepreneurs understand that their children cannot run outward-looking companies with 300 employees on their own, and are knocking on our door for institutional governance and capital.”
Damianos Papakonstantinou, head of strategy at Ideal Holdings, discussed the public listed investment company model adopted by Ideal Holdings and noted: “Our goal is to create national champions and institutional businesses that grow independently of their shareholders. Examples include transforming Astir Vytogiannis into a multinational with a factory in South Africa and a successful exit, as well as investments in Barba Stathis, Attica Department Stores, ADACOM and B System Integration. We strengthen management teams by bringing in international operating partners.”