Will More Hedge Funds Move to Florida?
Florida offers hedge funds lower taxes and easier access to private Latin American banks, so will more of them move to the Sunshine State?
But it's not just the worldwide gateway that attracts hedge fund managers. "There are also very low taxes here in
"Also, in the past couple years, we have been working with the Florida Alternative Investment Association," Sarullo added. "We found that the association, plus the state, has been making a conscious effort to attract investment managers to the area, assisting them in making that move. One of the things that I kept on hearing was that the need to have an adequate supply of service providers who specialize in the industry in the area in order to serve these managers. There are a limited number of service providers in
Looking ahead, Sarullo thinks that the
"I think you might see as a byproduct of the retirement side -- people going there later in life -- is that you're gonna find a lot of asset managers that have been working in organizations for a long time," said Sarullo. "[They] decide, 'Well, I'm gonna cut back and retire or cut back my schedule,' and go down there. Being the personality and nature of the people that they are, they're gonna say, 'You know what, I'm bored. I want to do something. I'm gonna go back to what I do and set up a small fund here.'"