A prominent New York investment firm that manages approximately $41 billion in assets has plans to move its headquarters to South Florida.
Elliott Management is relocating from midtown Manhattan to West Palm Beach, according to the Palm Beach County Business Development Board — making it the latest in a growing line of financial firms to move their headquarters from the Northeast or add offices to the South Florida region.
The firm is overseen by billionaire Paul E. Singer, one of the wealthiest people in the United States. According to the New York Times, he recently disclosed the headquarters move to Florida — a decision apparently triggered by the coronavirus pandemic and the volatility of the commercial real estate market in Manhattan.
“They made a commitment to have a corporate headquarters in West Palm Beach,” Kelly Smallridge, the board’s president and CEO, said by telephone Friday. “They’ve been very tight-lipped on their selection of real estate.”
Smallridge said she has no information on how many jobs the firm might bring to the area.
The anticipated move was first reported by Bloomberg News.
Founded in 1977, Elliott Management Corp. manages billions in assets and employs a staff of 466 people, according to its website. The roster includes 161 investment professionals in its New York headquarters and elsewhere in the U.S., London, Hong Kong and Tokyo.
On behalf of clients, the firm invests in various companies, and buys and sells distressed and real estate-related securities, as well as commodities and debt.
Singer isn’t expected to move to Florida and will keep some employees and offices in New York, the New York Times reported.
The migration of some financial firms is largely the byproduct of higher taxes in Northeast states and the federal tax reform law that limited residents’ ability to deduct state and local taxes from their federal returns.
Smallridge said that within the last 18 months, between 15 and 18 financial firms sought information about locations in the county, and ended up leasing office space from Boca Raton to Jupiter.
She said the arrival of the COVID-19 pandemic has influenced many upper-income executives to take up second homes in Florida and work remotely, as Griffin’s operation did.
“Many of the executives decided not to go back home to the Northeast or they left the Northeast to come to Palm Beach County because they believed it was a safe place for their families,” she said.
Source: SunSentinel
