NYC hedge funds make move to Palm Beach

Weary of New York’s exorbitant city and state tax rates, a large number of Wall Street hedge funds and private equity firms are making an exodus to Florida’s Palm Beach County, the New York Post reported. “Florida is a state of choice,” Thalius Hecksher, global development chief for Apex Fund Services, a hedge fund that recently moved a bulk of its operations to Palm Beach, told the Post. “It’s organically grown. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.” [more]