Hedge Funds Head for Florida With Taxes on Rich Rising Elsewhere (Bloomberg)
Hedge funds are planning to expand their presence in Florida, adding to a migratory trend as wealthy residents of northern states face the threat of higher taxes. Chicago-based Balyasny Asset Management, with about $8 billion of assets, intends to open an outpost in Miami, according to people familiar with the matter, and Bluecrest Capital Management, which has offices in New York, recently opened a Miami office that now accommodates about 10 portfolio managers. Paul Singer’s Elliott Management Corp. is also contemplating opening an office in Florida, other people said.
Hedge funds are planning to expand their presence in Florida, adding to a migratory trend as wealthy residents of northern states face the threat of higher taxes. Chicago-based Balyasny Asset Management, with about $8 billion of assets, intends to open an outpost in Miami, according to people familiar with the matter, and Bluecrest Capital Management, which has offices in New York, recently opened a Miami office that now accommodates about 10 portfolio managers. Paul Singer’s Elliott Management Corp. is also contemplating opening an office in Florida, other people said.
