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Hedge Funds Head for Florida With Taxes on Rich Rising Elsewhere

  • Paul Singer’s Elliott Management weighs Sunshine State outpost
  • Verition and ExodusPoint also opened offices there recently
Photographer: Christina Mendenhall

Hedge funds are planning to expand their presence in Florida, adding to a migratory trend as wealthy residents of northern states face the threat of higher taxes.

Chicago-based Balyasny Asset Management, with about $8 billion of assets, intends to open an outpost in Miami, according to people familiar with the matter, and Bluecrest Capital Management, which has operations in New York, opened a Miami office in 2018 that now accommodates about 10 portfolio managers. Paul Singer’s Elliott Management Corp. is also contemplating opening an office in Florida, other people said.