September 24, 2015
Sunday, August 9, 2015
People spend their lives working to retire in Florida. But those in the financial industry are quickly figuring out that they can live and work in Florida long before the sun sets on their careers. With low taxes, easy access to international markets and an experienced workforce, Florida offers an unmatched blend of business resources and quality of life.
In recent years there’s been a push to recruit hedge funds to South Florida. Miami’s Downtown Development Authority launched a “Finance Sector Initiative.” This campaign involves targeted outreach to hedge funds, hosting events that put Downtown Miami in front of financial executives, and forming strategic alliances with industry leaders. The city’s efforts to attract business have produced big moves by financial titans. New businesses now open in Miami include Universa Investments, which relocated its international headquarters from California; RWC Partners, a U.K. asset manager that opened an office to run an emerging markets hedge fund; and Brinks Regional Services’ establishment of a Latin American headquarters, adding more than 100 jobs and $2 million in capital investment.
“Florida’s business-friendly policies, which are so different from California’s, offer the perfect environment for us as we expand,” said Mark Spitznagel, founder and CIO of Universa Investments. “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.”
SkyBridge Capital, a global investment firm, recognized South Florida as a top region for growth. The state’s optimal business climate, including economic development, job creation and attractive tax policies helped to cement the company’s expansion. In March 2015 SkyBridge opened an office in Palm Beach.
For many financial companies, South Florida offers the right business climate, global connectivity, a talented workforce and an unmatched quality of life. Read more.