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Tax plan fuels exodus to Florida

SFBW has been writing about hedge funds and other financial service companies moving to South Florida since a major story in early 2015. Now, the new tax legislation is spurring more people in places such as New York to think about moving, according to a post on the Palm Beach County Business Development Board website.

The reason is the tax legislation curtails the deduction of state and local taxes to $10,000. Some wealthy New Yorkers save $100,000 a year under the old rules.

Kelly Smallridge, the BDB’s president and CEO, says she has received 20 to 30 serious inquires about relocation in the past couple of months.

A March SFBW article told how Michael Corcelli, the founder and president of the Florida Alternative Investment Association, has seen the number of  its members double in the past three years.

South Florida is home to more than 200 family offices, almost 20 private equity firms and more than 50 hedge funds, according to the Newlink Group in Miami. Palm Beach County’s Business Development Board last year put the numbers even higher, with an estimate of more than 300 hedge funds and private equity firms in the three-county area.

Obviously, those running hedge funds can make huge salaries, which help fuel sales of high-end homes, luxury goods and upscale restaurants. These relocations also are good for the professional service ecosystem in South Florida, as shown in SFBW’s December article about Eisner Amper expanding in the region.

 

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.