Miami plans new hedge fund safari
After a New York City trip last month to meet financial services professionals, “We’re already seeing positive effects,” said Alyce Robertson, executive director of Miami’s Downtown Development Authority, at the group’s meeting Friday.
She and board member Nitin Motwani, who is also managing director of Miami Worldcenter Group LLC, traveled north to meet with more than 100 representatives of hedge funds. The goal is to have them relocate some or all of their business to Miami.
Climate woes and high taxes in New York City, along with the increasing use of technology in financial services, make Florida a better choice, Mr. Motwani said at the authority’s April meeting.
Some of the people she and Mr. Motwani spoke with are beginning to make inquiries, Ms. Robertson said.
“The biggest thing is the state income tax,” she added, referring to the fact that Florida is one of only six states that does not impose a personal income tax.
In addition, “We have a very urban setting, and the tech piece is here, the connectivity is here,” she said.
This month, Ms. Robertson, along with Sonja Bogensperger, authority senior manager of marketing and business development, and Marc Sarnoff, authority chair and Miami commissioner, are to talk with financial services firms in Connecticut. The authority has forged an alliance with the Hedge Fund Association of the Americas, which is helping with the matchmaking effort.