Billionaire Paul Singer’s hedge fund dumps NYC for West Palm Beach

Hedge fund will keep outpost in NYC and open office in Greenwich

New York /
Oct.October 22, 2020 05:15 PM
Paul Singer of Elliott Management (Getty; iStock)

Paul Singer of Elliott Management (Getty; iStock)

Paul Singer is taking his talents to West Palm Beach.

The billionaire is moving the headquarters of his hedge fund, Elliott Management, from Midtown Manhattan to West Palm, adding to a trend of financial firms setting up shop in South Florida, according to Bloomberg.

While Florida has no state income tax, a major motivator of the relocation appears to be that Singer’s co-chief investment officer and expected successor, Jon Pollock, relocated to his West Palm home during the pandemic. Other senior executives at Elliott Management have also moved to Florida full-time, Bloomberg reported.

Elliott Management, based at 40 West 57th Street, will still keep a presence in New York and will also open an office in Greenwich, Connecticut. It is unclear how many of the firm’s 466 employees will move to Florida. Singer himself will continue to spend most of his time in the Northeast, including at his apartment on the Upper West Side, the New York Times reported.

Company executives are hoping that opening an office in South Florida can help the firm attract more talent in the future, according to Bloomberg.

Elliott’s move will increase hedge fund assets in Florida by more than half, according to data from research firm Preqin, Bloomberg reported.

The move follows Carl Icahn’s investment firm’s relocation to Sunny Isles, Florida. Ken Griffin’s Citadel also plans to open a Miami office next year, according to Bloomberg.

Many hedge funders own second homes in Miami Beach or Palm Beach, but few have migrated to South Florida year-round and even fewer companies have moved their corporate headquarters from the Northeast.

In many cases, the firms that have moved south have only opened small offices rather than relocate the majority of their employees. This includes the hedge fund of billionaire Paul Tudor Jones, who opened an office on Banker’s Row in Palm Beach in 2016 shortly after buying an estate on the tony island for $70 million.
[Bloomberg] — Keith Larsen


Related Articles

arrow_forward_ios
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
RSA President Joseph Strasburg (Rent Stabilization Association)
Landlords plea for water rate freeze ahead of vote
Landlords plea for water rate freeze ahead of vote
Gary LaBarbera, Sen. Salazar and Sen. Gianaris (Getty)
Real estate winners and losers of the legislative session
Real estate winners and losers of the legislative session
A campaign by the Small Property Owners of New York to raise the rent on stabilized units doesn’t have the backing to move the needle (Getty)
Small landlords’ raise-the-rent campaign lacks backing
Small landlords’ raise-the-rent campaign lacks backing
Sen. Michael Gianaris (Getty, iStock)
Hotel, office conversion bill advances with deadline at hand
Hotel, office conversion bill advances with deadline at hand
Senator Shelley Moore Capito and President Joe Biden (Getty)
Biden ends talks with GOP on infrastructure, turns to Plan B
Biden ends talks with GOP on infrastructure, turns to Plan B
Speaker Corey Johnson and Mayor de Blasio. (Getty, The New York City Council)
City Council quietly cut homeless voucher eligibility ahead of vote
City Council quietly cut homeless voucher eligibility ahead of vote
Images of the Gateway Program and Pete Buttigieg (Photos via GDC, Getty, iStock)
Gateway tunnel lurches ahead with federal approval
Gateway tunnel lurches ahead with federal approval
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...