Business Insider tells the global tech, finance, stock market, media, economy, lifestyle, real estate, AI and innovative stories you want to know.
It's always telling what the social currency of any large industry gathering is.This week's hedge fund confab in Miami's posh South Beach stretch drew thousands of fund founders, institutional investors, lawyers, marketers, data providers, and more.
In recent years, as Miami, Palm Beach, and other South Florida hot spots have gained traction among the wealthiest New Yorkers and Californians, attendees might boast about looking at properties while in town as they weighed moving. This year, conference-goers traded pictures and videos of the US men's hockey party at the local club E11even on Monday night.The team flew in from the host country of the Winter Olympics, Italy, and left the next morning, providing a clean metaphor for the entire week: Miami is a getaway, not a home. The annual iConnections conference brings thousands of finance pros to the city, and while Miami is still growing steadily, thanks in part to Ken Griffin's Citadel and companies like Palantir, the investing industry has yet to move en masse to the region.Many of the attendees battled the record-setting blizzard that hit New York and New England on Sunday and Monday to reach the Magic City. A person close to the conference said iConnections chartered several planes for attendees that left from New Jersey's Teterboro airport on Saturday as airlines began canceling flights in anticipation of the storm .Without people from out of town, the week wouldn't have nearly enough buzz. One founder of a small fund said he originally started his firm in Florida during pandemic times, but relocated to New York when things opened up."There wasn't enough flow, there isn't enough people yet," this person said.Like Dubai, the region has attracted wealthy founders and near-retirement partners seeking warm weather and low taxes. Unlike Dubai, many funds have not set up a significant presence in Miami yet, as young talent is still drawn to long-standing centers of gravity like New York and San Francisco."There's not trillions in sovereign wealth sloshing around Florida," said one fund founder in town from London who is considering a move to Dubai.This isn't to say that Miami is shrinking — far from it. High rises are going near the waterfront, posh private schools are filled to the brim, and traffic can be a nightmare. Walking around South Beach, rows of palm trees are interrupted by construction cranes. Cutting-edge consumer tech is ever-present, as self-driving Waymos and cooler-looking delivery robots are a constant sight.But it's still Florida, for better or worse. A billboard off of Miami's main highway, before entering the Brickell neighborhood that's home to financial services companies, features a law firm focused on DUIs committed on boats. Conference-goers trudged to a marathon day of meetings indoors while vacationers in swimsuits and perma-tan retirees passed them on their way to the beach.It makes for a perfect conference environment, and hedge funds are as hot as they've ever been. Institutions such as pensions and sovereign wealth funds want to up their allocations, while private wealth channels are trying to get more capacity in the biggest brands in the industry. Fundraisers and backers were in back-to-back, speed-dating-like meetings in the heavily air-conditioned convention center — one fund executive said they had 35 different meetings over Tuesday and Wednesday.The speaking lineup wasn't as celebrity-and-billionaire-filled as years past, when Point72 founder Steve Cohen, basketball star Shaquille O'Neal, venture investor Peter Thiel, and reality TV star Kim Kardashian have all spoken, but there were still heavy hitters in town. Jefferies CEO Rich Handler was at the firm's Tuesday night event at the Kimpton Surfcomber hotel, attendees said. Billionaire Third Point founder Dan Loeb spoke about the return of short selling during a panel.In these talks and in conversations all week, Miami was the setting, not the main subject. New York and Silicon Valley, for all the handwringing about the high-tax areas, are still the main characters.Everyone had a blizzard photo to share from their homes in New York or Connecticut. At a yacht party in Miami Beach harbor Tuesday night, New York City mayor Zohran Mamdani and California Gov. Gavin Newsom were discussed more than President Donald Trump, despite it being the night of the State of the Union. Florida and Miami politicians and policies didn't come up — including Eileen Higgins, the city's first female mayor, elected late last year — beyond the costs of insuring a home near the beach.In the lobbies and bars of nearby luxury hotels and resorts like the Ritz-Carlton, The Setai, Soho Beach House, and more, out-of-towners bemoaned the rough weather of the Northeast and high taxes of California and London while checking into their flights home."This place still doesn't feel real," one family-office head based in the Northeast said over drinks at a beachside hotel."And that's a good thing."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Miami Star Doesn’t Hold Back About ‘Crazy’ Michael IrvinMiami Hurricanes legend Michael Irvin is better known these days as a fan than as a record-setting wide receiver.
Read more »
Who Will Lionel Messi, Inter Miami Face in Concacaf Champions Cup Round of 16?The Herons will start their journey towards a maiden Concacaf Champions League title in the round of 16.
Read more »
American Airlines invests $1 Billion at Miami International AirportAmerican Airlines is investing $1 Billion in a concourse expansion that will bring new gates to its Miami International Airport hub, the carrier announced...
Read more »
Alberto Carvalho raid centered around time as Miami-Dade County Public Schools superintendent, source saysRaids conducted by federal agents at the home and office of Alberto Carvalho was connected to his time as Miami-Dade County Public Schools superintendent, a source tells CBS News Miami.
Read more »
Block to cut more than 4,000 jobs amid AI disruption of the workplaceThe company plans to off thousands of people as AI changes the way people work.
Read more »
Polymarket bettors appear to have insider-traded on a market designed to catch insider tradersAt least 12 wallets collectively made over $1 million betting on the outcome of ZachXBT's investigation before the findings went public, with one trader turning a $0.14 average entry on shares into $411,000 in profit.
Read more »