Miami Aims To Become Hedge Fund Center

Apr 26 2013 | 10:17am ET

Florida's largest city isn't going to allow its northern neighbor to steal all of the hedge funds in the New York area.

Miami's Downtown Development Authority has launched a bid to lure out-of-state hedge funds to the heart of the southern Florida metropolis. Like Palm Beach County, 45 miles to the north, Miami can offer Florida's low tax rates and sunny weather.

"Many of the funds are interested in coming to Florida because of the favorable tax situation," Alyce Robertson, executive director of the DDA, told Miami Today. "We want them to bring these businesses downtown."

Robertson and another DDA board member are due to visit New York City next month and Connecticut in June. In the Big Apple, the Miami representatives will meet with representatives of 100 hedge funds, she said, in meeting set up by the International Hedge Fund Association.

Palm Beach County officials said earlier this year hedge funds have been flocking to their jurisdiction, and recently opened an office charged with luring New York-area hedge funds.


In Depth

FINalternatives Survey: We Asked Investment Pros...

Apr 2 2016 | 9:42pm ET

The data from our annual reader survey continues to roll in and provide interesting...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...