Four of Greece's biggest banks now control almost 86% of the country's mutual fund market, according to data from the Union of Institutional Investors covering the period to August 20. Total assets under management across the sector rose to 33.67 billion euros, up from 29.37 billion euros at the start of the year, with the four banks' combined share growing faster than the market overall.
Eurobank Asset Management led the field with 8.61 billion euros under management and a 25.57% share. Alpha Asset Management followed with 6.95 billion euros and 20.64%, a figure that rises to a combined 22.65% once the 2.01 percentage points held by Alpha Trust, acquired by Alpha Bank, are added.
Piraeus Asset Management managed 6.69 billion euros, giving it 19.87% of the market, while National Asset Management held 5.94 billion euros and 17.64%, based solely on mutual fund holdings.
How the market share is calculated
Those figures cover only the funds managed directly by each bank's asset management arm, not all the capital the banking groups manage across other categories. The combined share of UCITS mutual funds held by the four banks against the total market stood at 83.72%, rising to 85.73% once Alpha Trust is included in Alpha Bank's total. The calculation also excludes 3.2 billion euros in third-party products and 0.3 billion euros in money market products held separately within Alpha Bank.
Taken together, Eurobank, Alpha Bank, Piraeus Bank and National Bank control roughly 85.7% of the market, with combined assets of close to 28.9 billion euros.
The four systemic banks have been active this year. Since the start of 2026, assets at National Asset Management have grown 20.49%, at Piraeus Asset Management 15.24%, at Eurobank Asset Management 13.62% and at Alpha Asset Management 10.29%. Alpha Trust posted a separate increase of 16.15%. National Bank has gained 0.85 percentage points of market share over the period.
What the half-year results showed
The four banks' half-year results presentations confirmed strong growth in fund management, though the figures each group reports are not directly comparable, since they do not all use the same calculation basis, or "perimeter." Some report only mutual funds and managed portfolios, while others include client stocks and bonds, private banking or third-party products. As a result, market shares are only truly comparable through the common basis used by the Union of Institutional Investors, while each bank's own figures instead illustrate the growth and profitability of the business within its group.
Eurobank
Eurobank reported 11 billion euros in managed funds at the end of June, up from 9.9 billion euros at the end of 2025 and 8.5 billion euros a year earlier, an annual increase of 29.2%. Of that total, 7.2 billion euros were the bank's own mutual funds, 1.7 billion euros were third-party products and 2.2 billion euros were discretionary management portfolios. Eurobank reports wealth management and insurance revenue as a single category, which generated around 102 million euros in commissions over the half year, though that figure also includes insurance business.
Piraeus Bank
Piraeus Bank reported total wealth management activity of 16.3 billion euros, up from 14.5 billion euros at the end of 2025. That figure includes 6.6 billion euros in mutual funds, 6.2 billion euros in private and institutional portfolios, and 3.5 billion euros in assets held by Piraeus Securities, meaning the total is not directly comparable with Eurobank's or National Bank's figures. Revenue from Piraeus's asset management services reached 67 million euros over the half year, up 33%, which the bank attributed to inflows of client capital and increased brokerage activity.
National Bank
National Bank reported total assets under management of 21.9 billion euros for the half year, up from 19 billion euros at the end of 2025 and 16.7 billion euros a year earlier. That perimeter is far broader than mutual funds alone or even the total managed by NBG Asset Management. Of the 21.9 billion euros, 10.6 billion euros were institutional client funds and 11.3 billion euros were retail client funds, with National Bank's retail category including stocks, bonds, third-party mutual funds and its own mutual funds. Mutual funds at NBG Asset Management grew from 4.5 billion euros at the end of 2025 to 5.4 billion euros in June.
NBG Asset Management separately reported total assets under management of 7.09 billion euros as of June 30, 2026, a figure that includes, beyond mutual funds, portfolios belonging to institutional and private investors, pension funds and insurance entities, explaining the difference from the 5.94 billion euros and 17.64% share cited earlier. Retail commissions from investment products rose from 22 million euros to 33 million euros, an increase of 48%.
Alpha Bank
Alpha Bank reported the largest perimeter of the four. Its Wealth division held 29.1 billion euros in assets under management, up from 20.3 billion euros a year earlier, an increase of 44%. Of the 29.1 billion euros, 10.3 billion euros were mutual funds, 14.5 billion euros were stocks, 3 billion euros were bonds and 1.3 billion euros were managed accounts. Within the 10.3 billion euros in mutual funds, 6.8 billion euros belonged to Alpha Asset Management, 3.2 billion euros were third-party products and 0.3 billion euros were money market products.
Alpha Bank's Wealth division generated 95 million euros in revenue over the half year, up 26%, and 45 million euros in normalized profits, up 30%.
