(Bloomberg) — Cathie Wood’s move to St. Petersburg is giving an added boost to a Florida region that has quietly been booming, even as Miami and West Palm Beach generate more attention as destinations for New York finance firms.
With the addition of Ark Investment Management, which has about three dozen employees, the Tampa Bay metro area will have expanded assets under management by 61% to at least $582.4 billion since December 2019, according to Securities and Exchange Commission data. By comparison, the Miami metro area — an area twice as populous with roughly 6 million people — has seen a 58% boost to $864.4 billion.
“Everybody’s first thought tends to be of Miami, but what I know is that if I can get them to come here and think about us, they’re going to choose us,” St. Petersburg Mayor Rick Kriseman said in an interview.
The Covid-19 pandemic, which kept many workers home for months, has prompted finance firms to reconsider how much space they need in New York and other expensive cities. Florida has drawn companies with its year-round warm weather and lower taxes.
Miami and West Palm Beach, on the Atlantic Coast, have generated most of the headlines as finance companies shift south. But the Tampa region, across the state on the Gulf of Mexico, is making gains.
Ark, which is permanently closing its Manhattan office and moving to St. Petersburg, currently has $38 billion in ETF assets under management, down from a peak of more than $60 billion in February.
Local St. Petersburg firms Raymond James Financial Inc. and Dynasty Financial Partners helped recruit Ark, according to Kriseman. Dynasty, which provides wealth management and technology platforms for financial advisers, moved to the region in 2019.
Overall, Florida has a very small piece of the investment-management business, and its inroads since 2019 have barely dinged New York. In fact, it’s still a much smaller player than states including California, Massachusetts and Pennsylvania, with only 1.4% of U.S. regulatory assets under management as of September, up from 1.3% before the pandemic.
Wealthy finance titans have long looked to Florida for its lower taxes, and the pandemic has seen more firms setting up satellite offices in the state. Ark, meanwhile, is moving its headquarters.
The firm said a “substantial” number of its employees had agreed to relocate and that it would accommodate remote work. Still, it could be challenging finding talent in Florida, according to Todd Rosenbluth, head of ETF and mutual fund research at CFRA Research.
“There’s certainly cultural differences and benefits to being in New York as opposed to being in Florida,” he said. “Their ability to recruit employees might be different when based in Florida.”
This means, you take one article, and you use the article distribution system. It will generate thousands of unique versions of your article, and publish those unique articles to hundreds of websites that are related to your niche.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
