Of 158 NY-based companies managing $993 billion in assets, 56 have decamped to Florida, including hedge fund tycoon Paul Singer’s Elliott Management and closely-watched stock picker Cathie Wo…
–moved her firm ARK Investment Management — and its $24.7 billion worth of assets — to St. Petersburg, Fla.In all, 56 of the New York firms have decamped to Florida, while most of those remaining also headed to warmer states such as Texas and the Carolinas, according to the report. New York isn’t the only major loser, with California also having lost $1 trillion in financial assets under management to Florida, Texas and other lower-cost states.
According to New York State Comptroller Thomas DiNapoli’s latest figures on the securities industry, Wall Street bonuses could slump by as much as 45%. The dip doesn’t spell good news for the state, which relies on personal income taxes.Tax revenue from the industry this year is headed for a “significant decline,” the report warned. it also noted that New York’s share of financial-industry jobs was 17.
The nearly $500 million, 815,000-square-foot development was made possible with the $18 million in tax breaks the city of Dallas granted the Wall Street bank last July in exchange for bringing as many as 5,000 jobs into the city. Mammoth money manager AllianceBernstein moved its headquarters from New York to Nashville in May 2022 — taking a staggering $685 billion in managed assets with it. In the process, the mega-firm also relocated 1,000 jobs in a shift that Bloomberg reported at the time would save the global asset management firm $80 million a year.
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.
Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Jun 28, 2023 when Wall Street traded near 33,933.80.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Wall Street-bearish contrarian trading bias.
Read more »
Wall Street firms buying commercial real estate at low costsFirms on Wall Street are raising billions of dollars to acquire commercial real estate for relatively cheap prices. Al Root, senior writer at Barron's, joined CBS News to discuss the trend.
Read more »
Top Wall Street analysts pound the table on these 5 stocksTipRanks’ analyst ranking service pinpoints Wall Street’s best-performing stocks, including Amazon and Netflix.
Read more »