WEST PALM BEACH, Fla. — A hedge fund valued at $41 billion is trading the skyscrapers of midtown Manhattan for West Palm Beach's sunny skies.
Elliott Management is moving its headquarters from New York to Palm Beach County, according to a report from Bloomberg news.
The hedge fund employs 466 people in its New York, London, Hong Kong and Tokyo offices.
It's unclear how many employees will relocate to South Florida, but Bloomberg said the company will continue to have a presence in New York City.
This is part of a growing trend this year accelerated by the pandemic of businesses moving from the Empire State to more tax-friendly states like Florida.
"It brings good jobs with good salaries. We strategically have been going to New York, Boston and Chicago to actively recruit these companies to Palm Beach County for the benefit of our residents," said Kelly Smallridge, the CEO of Palm Beach County’s Business Development Board.
She helped develop the strategy behind the recruitment plan.
"Florida is only one of the only states that does not have a state tax and personal income tax. Automatically you receive a big raise to come to Florida. We amassed a list of 173 CEOs who had a home here and had no business opportunity," Smallridge said. "Well over 70 financial service firms have moved into this area bringing good quality jobs."
She said the pandemic prompted many CEOs to rethink their work models, realizing remote work options actually work.
"You can just as easily do business in West Palm Beach as you can in Manhattan," Smallridge said.
"When you bring a huge player to the scene like this, it encourages others to do the same," said Jonathan Levin of Bloomberg News.
Smallridge said Elliott's move could be a catalyst with more companies moving to South Florida.
"Every job that comes to Palm Beach County means more and more jobs in the retail, restaurant and service industry," said Smallridge.
The Palm Beach Hedge Fund Association has also been working on this effort for several years and said they plan to make more positive announcements in the year ahead.
