ECONOMY

Top hedge fund managers

The top 50 hedge fund professionals in the world include two Greeks, according to the latest issue of British magazine The Business. They are Elena Amvrosiadou at No 10 and Sabby Mionis at No 50. The 47-year-old Amvrosiadou, from Thessaloniki, is the CEO of the UK hedge-fund manager Ikos, which manages funds of $2 billion. The Business reports that she is considered the woman with the best salary in Britain, as her income reached 16 million euros in 2004. She set up Ikos (after the Greek word meaning «house») in 1991 with her husband, Martin Coward. The company started as a second job for Amvrosiadou doing exchange trading with 100,000 euros she invested in a program she had devised herself. She was soon absorbed by this company, abandoning her other business. Estimates suggest that her personal wealth reaches 135 million euros. From 1983 till 1989, she worked in various posts and locations (London, Sydney, USA) with British Petroleum (BP) and then moved on to KPMG Management Consulting in Bahrain. She studied chemical engineering at Imperial College and has an MBA from Cranfield. Sabby Mionis, who is 37 years old, founded Capital Management Advisors (CMA), a company managing five funds of hedge funds, along with his friend Angelos Metaxas. It started in 1998 handling just $12 million and it now approaches $2 billion. At the start of this year, CMA was acquired by EFG International, the Swiss bank of the Latsis group, for an unknown sum estimated at over 200 million Swiss francs (125 million euros). The two friends, however, remained at the company’s helm as the acquisition agreement provides for an unusually long transition period of five years. Initially, the CMA founders took half of the money according to the current valuation of the firm. «We will receive the other half within the five years, depending on the performance of the company. We would like to think it will be far more than what we have already received,» Mionis had told Kathimerini at the time. He had added that «for us it is more important what we will do with the firm from now on than what we have done so far.» Last July they formed CMA Global Hedge, a portfolio investment company which positions itself in hedge funds, reaping some hundreds of millions of euros through its listing in the London Stock Exchange.