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.

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Editor's Note

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…