So far, Midtown Manhattan has been the headquarters of the $ 41 billion company. She joins a growing number of fund companies that have relocated to the sun-drenched US state.
Florida, which has no personal income taxes, inheritance taxes, or capital gains taxes, has become a hot destination for hedge funds in recent years. The Covid-19 pandemic has accelerated this brain drain away from New York, the first epicenter of the US outbreak.
Co-chief investment officer Jon Pollock, who is believed to be Singer’s Crown Prince, owns a house near West Palm Beach and lived there during the pandemic, the informed people said. The permanent relocation of Pollock and several other executives played a major role in the decision to relocate the headquarters, it said.
Elliott will maintain its New York presence and will also open an office in Greenwich, Connecticut. Billionaire Singer, 76, will stay in the northeast. A company spokesman declined to comment.
It is unclear how many of the company’s several hundred employees will move south, but Elliott will continue to employ hundreds of people in its Manhattan offices, it said. According to research firm Preqin, the move from Elliott will increase the industry’s wealth in Florida by more than half.
(Bloomberg)
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