Lampert Moves ESL To Fla., Splits With President

Jun 6 2012 | 11:24am ET

ESL Investments' Edward Lampert bought Miami's most expensive home earlier this month. And now he's set to move in full time.

Lampert moved his hedge fund to the Florida city at the beginning of the month, the firm said. It is unclear what precipitated the move from Greenwich, although Florida has no state income taxes and a lower corporate income tax than Connecticut.

"ESL Investments notified its partners in April that is was relocating to Miami, Fla., effective June 1, 2012," a spokesman for the $9 billion hedge fund said.

Lampert was famously kidnapped in the tony town in 2003. After the ordeal, thehedge fund manager hired a large security detail.

As a result of the move to sunnier climes, ESL has parted ways with its president and chief operating officer, William Crowley. Crowley, who has been with the hedge fund since 1999 and has been instrumental in the firm's ownership of Sears, was unable to relocate to Florida with the company. It is unclear whether any other ESL staffers also chose not to make the move.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of