Greece experienced one of the deepest economic crises in history in 2008 and subsequently lost almost 25 percent of its GDP in six years. As expected, the financial sector, which remains the largest industry of the Greek economy, has suffered huge changes. The so-called banking sector has been downsized to six from 13 institutions, mainly through mergers and acquisitions. Meanwhile, the systemic banks control 90 percent of the industry.
Eventually these changes began to affect the Greek asset management market, which is the sector of our specialisation at Attica Wealth Management. Assets under management, consisting of open and closed end funds, real estate funds and private portfolio management, have narrowed by almost 50 percent in recent years to €12bn. We operate in an extremely competitive environment, currently in recession.
During these years we had to develop our own identity and build our competitive advantage. In doing so, the first step was accepting a vision that goes along with our principles in life. Our main target is to maintain our clients’ standard of living – to focus on their wealth preservation. We cannot predict the future and won’t promise the fulfilment of dreams. Mission accomplished, for us, means our clients have a good night’s sleep.
Since we consider ourselves global asset managers we are also determined to succeed overseas. We chase what we consider achievable in accordance with our potential. Our expertise derives from our long experience in the markets and our well-organised, faithful, flexible team, who are ready to overcome each and every difficulty.
One of the most common sayings in the literature of economics is that of combining strengths with opportunities
Physical advantages
One of the most common sayings in the literature of economics is that of combining strengths with opportunities. If one can combine natural advantages with serious services, we can also create such opportunity. It’s a small world and technology and available time make the impossible possible. Today’s business environment has several types of participants. When one offers well-being services, they must focus on the clientele that really asks for those services. In a country like Greece the target group remains small. Besides, the country is small. But at the same time all people are in possession of the most demanding asset – risk. Risk on all aspects of life and, as time passes, risk of well-being during retirement.
Greece has some outstanding natural advantages in the well-being industry. Mediterranean climate and nutrition, variety in landscape, one of the world’s biggest island complexes and east-west proximity. The country’s history (although recently not so heroic) and its monuments, inhabitants’ hospitality, openness and warmness are also key elements that help it compete. Greece also boasts a high school graduation level of over 85 percent, it is among the highest in Europe for university degrees per 1,000 people and approximately 60 percent of the population are capable of speaking the English language.
When it comes to wealth management, advantages exist but they are not so obvious and there is definitely hard work to be done. Greeks have always been internationally exposed. Immigrants since the First World War, great importers, students in the best universities around the globe and sailors by birth, Greeks understand globalisation well enough. Greek bankers as a sub group played a significant role in the greater region and adopted all international regulations quickly and successfully. Asset managers are well trained, have worked abroad or for serious big names and have also earned respected results in niche markets. So there is some ground to build upon.
But the country is just coming out of the worst crisis since the Great Recession, its reputation is seriously damaged and the political situation is far from being solid enough by the western world’s standards. The good news is that in the wealth management business, time has always been available. And this is what the country needs. Time to overcome weaknesses, and a stable and fair tax system, to offer one of the most high-end global product combos: well-being and wealth management services.
Finding a solution
Attica Wealth Management focuses on providing solutions to wealth preservation and retirement planning. The company was established in 2001 under the name Attiki Mutual Funds Management Company, managing three mutual funds at the time. In 2005, through the merger with Attiki Investments Closed End Fund, the company launched two global mutual funds and widened its portfolio, mostly in European equity and bond markets. The following year we were granted the permission to offer discretionary portfolio management and investment advisory services by the Hellenic Capital Markets Commission and extended its asset management services.
In 2007, a new era dawned for the company, with changes in corporate strategy and culture. Under the new name Attica Wealth Management, the company upgraded its offered services, emphasising delivering high-quality asset management to private clients. At the same time the company enriched its product mix through the launch of two new specialised mutual funds: Real Estate Global Equity and Small Cap Greek Equity.
We create a map based on perceptions and experiences. At the base of our map are our beliefs and identity
After serious efforts, our business has continued to thrive today. In 2012 and 2013 Attica Real Estate Fund ranked first for international mutual funds managed by Greek fund managers for a three-year period. Also in 2013, Attica Domestic Equity Fund received an overall four star rating from Morningstar and was named Greek Portfolio Manager of the year by IHFA. This year, we exceeded 100 private accounts and €30m under management in our discretionary portfolio management services. Our total assets under management, including our mutual funds, reached €110m, even though the country remains in recession.
Our achievements continued, as our obsession to improve ourselves and enhance customer satisfaction led us to apply international standards in our business. Since August 2014, the company has been acknowledged with ISO 9001 (quality management) and ISO/IEC 27001 (information security management system) certifications from DQS Hellas.
Breaking the habit
Financial markets are driven by societies and they will develop. For every one of us, a very important step forward is to appreciate how little we know about the world we live in.
At the same time we never live in the world as it is. We create a map based on perceptions and experiences. At the base of our map are our beliefs and identity. One cannot change people but they can change their beliefs by altering their subjective world experience. Consequently 40 to 45 percent of what seems like a decision is actually a habit.
Since 2007, Attica Wealth Management addresses two serious problems: the very basics of good life after retirement and the securing of existing wealth. Our services are important to us, to our families, to our friends and to our clients.
We are set to succeed and a huge amount of whether a company succeeds or fails depends on habits that emerge within the organisation. So we are focused on breaking the bad habits and creating the right ones, which people will perform automatically as they get rewarded for performing such habits. We also try to change keynote habits that ignite a change reaction on general change.
Our work is set to inspire, and help all of us better our lives in some way. At the same time the most difficult part in every business is to keep in line with your vision when the environment changes, competition intensifies and clients seem to prefer other services or products. In situations like this one, people must be brave and get more people to take action. Even better, get employees and customers on the same page.
In a simple sentence, Attica Wealth Management doesn’t sell wealth management services, we offer solutions to two problems: pension and wealth safety.
