Hot on the heels of New York billionaire Carl Icahn transferring his operations to Miami, word has come that Manhattan financier Paul Singer is likewise moving his hedge fund Elliott Management to South Florida—Palm Beach, to be exact.
Elliott Management is currently headquartered in Midtown Manhattan, but the pandemic’s effect on the city’s office culture made Singer reconsider its location, according to the New York Times. While Singer and some employees will continue working out of the New York office, Jonathan Pollock, Elliott’s co-chief executive, will work out of the new Palm Beach office. The hedge fund with $41 billion in assets will also open offices in Greenwich, Connecticut.
The news comes amidst concerns that this move and others will damage New York City’s economy. With 500,000 people unemployed, personal income tax will fall by $2 billion—add to that the fact that many commute to the city for work each day. In Florida on the other hand, Elliott Management will enjoy the benefits of not having to pay estate tax or capital gains tax.
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