Finance is moving out of NYC and going south.
Miami is attracting the LeBron James of Wall Street, the Dwyane Wade of Greenwich equity, and the Chris Bosh of Boston — financial titans who are relocating to pay less in taxes and maintain a luxury lifestyle with a glittering social scene.
It’s already the 2nd most popular financial hub in the country after NYC, and The Miami Downtown Development Authority is doing everything it can to make itself as attractive to bankers through an initiative called the DWNTWN campaign.
Lloyd Blankfein and Leon Black are rumoured to have bought Miami condos recently, and the latest hotshot to move their business there is Mark Spitznagel founder of hedge fund Universa Investments.
“Florida’s business-friendly policies… offer the perfect environment for us as we expand,” said Spitznagel. “I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses.”
The nightlife and beaches don’t hurt either.
While New York remains the undisputed center of the hedge-fund universe, there are approximately 70 hedge and private equity funds now headquartered in Florida.
Everest Capital, which manages an estimated $US2.3 billion, is headquartered in Miami along with private-equity companies like Trivest and HIG Capital.
And with the growing Latino market, setting up shop in Miami means capitalising on a growing Latin American client base.
AMANDA MACIAS, LINETTE LOPEZ, Business Insider Australia FEB 25, 2014