Sunday, 24 July 2016
Last updated 1 day ago
Mar 12 2013 | 8:55am ET
Developers in Florida are preparing to accommodate hedgies relocating to the Sunshine State.
The Palm Beach Executive Center has teamed with the newly formed real estate firm Hedge-Estate to launch the first hedge fund “hotel” in Florida's Palm Beach County.
The county, located about 40 miles north of Miami, has recently opened an office charged with luring hedge funds down from New York.
Owner Brett Forman says the executive center offers office space from 100 to 3000 square feet.
Hedge Estate founder and CEO Andrew Schneider says his firm has been “inundated” with calls from hedge fund and other asset managers looking to relocate to Palm Beach.
The “hotel,” according to marketing materials, puts fund managers “in an environment surrounded by other fund managers of the same caliber who can share trading and investing ideas, split expenses such as a Bloomberg terminal, and rent high end office space for a fraction of the cost.”
Although some 57% of North and South American hedge funds with at least $1 billion in assets are based in New York, the New York Post recently reported that hedge funds were flocking to Palm Beach County, drawn by low tax rates and the weather.