Tepper真是有钱任性。
Singer’s $41 Billion Hedge Fund Moving Base to Florida From NYC
2020-10-21 21:30:11.580 GMT
By Hema Parmar, Katia Porzecanski and Jonathan Levin
(Bloomberg) -- Florida is luring its biggest name yet in
hedge funds: Paul Singer’s Elliott Management Corp.
The $41 billion firm plans to move its headquarters to West
Palm Beach from Midtown Manhattan, according to people familiar
with the matter, joining a growing list of funds that have
relocated to the Sunshine State.
With no individual income taxes, estate taxes or capital
gains taxes, Florida has become a hot destination for hedge
funds in recent years. The Covid-19 pandemic has accelerated
that shift away from New York, the initial epicenter of the U.S.
outbreak.
Singer’s co-chief investment officer and expected
successor, Jon Pollock, owns a home near West Palm Beach and has
been living there during the pandemic, said the people, who
asked not to be identified because the information is private.
The now-permanent move by Pollock, as well as several other
senior employees, played a big role in the decision to shift the
headquarters, said one of the people.
Elliott will keep its New York presence and also open an
office in Greenwich, Connecticut. Billionaire Singer, 76, will
stay in the Northeast. A spokesman for the firm declined to
comment.
It’s unclear how many of the firm’s hundreds of employees
will choose to move south, but Elliott will continue to employ
hundreds of people in its Manhattan offices, said the person.
Elliott’s relocation will increase industry assets in
Florida by more than half, according to data collected by
research firm Preqin.
While the number of hedge funds based in Florida has climbed
rapidly in the past five years, most of them are small. New York
still dwarfs all other locales, with about $1.3 trillion in
hedge fund assets, according to Preqin.
Read more: Hedge Funds Head for Florida With Taxes on Rich
Rising Elsewhere
Still, Elliott’s move, coupled with Carl Icahn’s recent
relocation of his asset management firm to Florida, may lead to
other big managers heading south.
Ken Griffin’s Citadel plans to open an office in Miami next
year, according to a person with knowledge of his plans. Another
Chicago-based firm, the $8 billion Balyasny Asset Management,
will have its Miami facility ready before the end of the year,
with capacity for about 30 staff.
Elliott plans to allow employees to choose where they work,
whether partly at home or rotating through its offices, one of
the people said. The firm employs 466 people, including 161
investment professionals, in New York and other U.S. offices as
well as London, Tokyo and Hong Kong, according to its website.
The timing for the new locations hasn’t been decided, said
the person. Staff across the firm won’t be asked to return to
offices before July, they said. The plans are intended to
accommodate staff who’ve left New York City amid the pandemic
and are seen as a way to attract talent in the future, said the
person.
While Florida has attracted high-earners for years -- the
Miami metropolitan area is home to one of America’s largest
concentrations of Ferrari dealerships -- much of the wealth is
part-time.
Despite the efforts of real estate agents and business
development organizations to turn Florida into a year-round
finance hub, the state has struggled to peel away workers in the
prime of their careers, who often see their Northeast networks
as key to their professional success.
Among the industry’s earlier moves, David Tepper relocated
Appaloosa Management to Miami Beach from New Jersey in 2016,
though he personally moved back to the Garden State this year.
