Paul Singer’s $41 Billion Hedge Fund Moving Headquarters to Florida

(Bloomberg) — Florida is luring its biggest name yet in hedge funds: Paul Singer’s Elliott Management Corp.

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The $41 billion firm plans to move its headquarters to West Palm Beach from Midtown Manhattan, according to people familiar with the matter, joining a growing list of funds that have relocated to the Sunshine State.

With no individual income taxes, estate taxes or capital gains taxes, Florida has become a hot destination for hedge funds in recent years. The Covid-19 pandemic has accelerated that shift away from New York, the initial epicenter of the U.S. outbreak.

Singer’s co-chief investment officer and expected successor, Jon Pollock, owns a home near West Palm Beach and has been living there during the pandemic, said the people, who asked not to be identified because the information is private. The now-permanent move by Pollock, as well as several other senior employees, played a big role

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Health care real estate firm eyeing metro Denver for corporate headquarters

A multibillion-dollar California real estate investment trust and the U.S. arm of a Japanese aerospace firm are considering locating their headquarters in metro Denver, according to incentive requests approved this week by the Colorado Economic Development Commission.

Healthpeak Properties, a real estate investment trust based in Irvine, Calif., was approved for up to $5.3 million in Job Growth Incentive Tax Credits if it brings 166 net new full-time jobs to the state. The company, which applied under the codename Project Pegasus, expects the primarily executive-level jobs will pay an average annual wage of $425,213 a year.

“It would be the highest projected average annual wage if they move forward with Colorado,” said Jill McGranahan, a spokeswoman for the Colorado Office of Economic Development & International Trade.

One question around Healthpeak’s award is whether it could actually take advantage of those state tax credits. Real  estate investment trusts must pay out

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