One of the top executives at private equity firm BC Partners is leaving the UK for Greece, as Athens capitalises on a new tax regime to attract wealthy investors and re-establish itself as a European financial centre.
BC Partners is one of the biggest buyout firms in Britain. Founded in 1986 as part of Barings Bank, it has been involved in high-profile deals, including an unsuccessful plan to rescue LIV Golf.
The firm's Europe chairman, Nikos Stathopoulos, is moving to Greece, according to people familiar with the matter and a corporate filing, the Financial Times reports.
The firm, which manages more than $40bn in assets, plans to open an office in Greece and raise capital to do more deals in the country, one of the people said.
Stathopoulos's move is driven by the firm's plans and is not connected to the tax incentives, a person close to BC Partners said. Stathopoulos and the firm declined to comment.
How Greece is attracting hedge funds
In September, it emerged that billionaire hedge fund manager Chris Rokos was also moving from the UK to Greece, after the country introduced incentives specifically aimed at attracting private equity firms and hedge funds.
Executives who qualify and move their base to Greece pay 5% tax on bonuses and carried interest — the share of profits they receive from successful buyout deals. This compares with the standard rate of 15%.
BC Partners did its first deal in Greece 20 years ago. In recent years, it has completed several more, both through its main buyout fund and through a smaller investment vehicle it manages for an institutional investor that wanted to do deals in the country, one of the people said. These include retail chain Pet City and private education provider Alphabet.
An adviser to Greece's finance minister had been approaching Rokos for months as he considered where to move. Stathopoulos, who is Greek, has strong connections in the country, according to people who know him.