Elliot Management Relocating to Florida

October 26, 2020 James Heinsman Company Spotlight

Postcard of West Palm Beach courtesy of Boston Public Library, Print Department

Activist investor Paul Singer has decided to move his $41 billion hedge fund manager to Florida, joining a growing number of investment companies looking to lower their state tax burden.

Elliot Management will keep some office space in Manhattan, but his new headquarters will be in West Palm Beach. He will also open offices in Greenwich allowing some of his employees to stay where they are.

The pandemic is only one of many reasons for companies to leave New York City and head south to Florida. Financial firms were already beginning their exodus from expensive locations like New York and San Francisco to more business-friendly places. Paul Tudor Jones and Wexford Capital have already moved to Palm Beach, an area especially attractive to financial companies. Carl Icahn also left Manhattan, making his new headquarters in Sunny Isles Beach, Florida.

With no state income tax, estate tax or inheritance tax, Florida is an attractive alternative for many companies. New York’s top income tax rate is over 8%.

Since the pandemic’s arrival, many companies have allowed their employees to work remotely, thus prompting a surge of people out of the city center, which is not only expensive but more dangerous in terms of contagion.

Elliot Management, Florida, New York City, Palm Beach, Paul Singer,

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