ECONOMY

UK boost for Alpha Trust

Alpha Trust is set to strengthen its presence in Europe’s private asset management market following its acquisition of a 60-percent stake in UK investment services Taylor & Young Investment Management, via its London-based subsidiary Galileo Investment Holding. In addition to boosting Alpha Trust’s position in the UK, which accounts for some 40 percent of European stock market capitalization, the Greek company will be able to offer its customers a greater range of products and services. Under the terms of the agreement, Alpha Trust will take over the management of Taylor & Young. Audley Twiston-Davies has been appointed president and managing director of the company. Alpha Trust head David Gibbs and managing director Phaidon Tamvakakis will be given seats on the UK company’s board. Taylor & Young manages about 160 billion drachmas and is considered one of the fastest-growing companies in the private asset management industry. In the last five years, it has reported a 43 percent jump in managed capital, while turnover last year increased by 45 billion drachmas. Separately, Alpha Trust announced the creation of a subsidiary in Switzerland, Alpha Trust Suisse, which will offer specialized private asset management services and other investment alternatives. It also set up Alpha Trust Navigator, targeted at smaller funds and on a par with private banking services. The total number of foreign media representatives will exceed 20,000. About 8-10,000, not including those to be housed at media villages, will be housed in hotels and on yachts, which means that a way must be found to house at least another 2-4,000 people. For this reason, additional media villages will be built in locations specified by the new Olympic Bill submitted to Parliament last week.