Shift...

 

ARK Investment Management, the firm run by Cathie Wood, is joining the financial industry’s shift south to Florida.

ARK is closing its New York office permanently at the end of October and relocating its corporate headquarters to St. Petersburg, 

 The firm, will build an innovation center meant to “retain and attract top talent” in the Tampa Bay region.

Florida has seen a burst of interest from investment firms since the start of the pandemic as the work-from-home revolution pushes companies to reconsider their presence in pricey business hubs such as New York and San Francisco, with much of that interest in Palm Beach and Miami.

Florida’s lower taxes have proved popular for the finance industry, particularly after Covid-19 walloped New York. So far, many of the moves tend to be satellite or second offices, with relatively few headquarters.

ARK joins Paul Singer’s Elliott Investment Management in setting up a Florida headquarters. The hedge fund is moving to West Palm Beach from Manhattan. Just a "high Tax" thought.