Among other movers, Bluecrest Capital Management opened a Miami office in 2018, Verition Fund Management set up a location in Boca Raton two years ago and ExodusPoint Capital Management opened a small outpost in North Palm Beach last year.
Elliott plans to allow employees to choose where they work, whether partly at home or rotating through its offices, one of the people said. The firm employs 466 people, including 161 investment professionals, in New York and other U.S. offices as well as London, Tokyo and Hong Kong, according to its website.
The timing for the new locations hasn’t been decided, said the person. Staff across the firm won’t be asked to return to offices before July, they said. The plans are intended to accommodate staff who’ve left New York City amid the pandemic and are seen as a way to attract talent in the future, said the person.
While Florida has attracted high-earners for years -- the Miami metropolitan area is home to one of America’s largest concentrations of Ferrari dealerships -- much of the wealth is part-time.
Despite the efforts of real estate agents and business development organizations to turn Florida into a year-round finance hub, the state has struggled to peel away workers in the prime of their careers, who often see their Northeast networks as key to their professional success.
Among the industry’s earlier moves, David Tepper relocated Appaloosa Management to Miami Beach from New Jersey in 2016, though he personally moved back to the Garden State this year.
-With assistance from Katherine Burton.
This article was provided by Bloomberg News.