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