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Millennium Set to Open Two More Offices in Tax-Friendly Florida

  • Izzy Englander’s firm to add Miami, West Palm Beach outposts
  • Hedge fund’s new locales can accommodate as many as 500 people
    

Photographer: Walter Bibikow/Stone RF/Getty Images

Izzy Englander’s Millennium Management will open two more offices in Florida as its staff joins a growing southward migration.

The $50 billion hedge fund firm will have outposts in Miami and West Palm Beach, according to a person familiar with the matter. The move is mostly driven by its portfolio managers’ preference for the state, which doesn’t tax income, estates or capital gains. Meanwhile, top earners in New York City face among the highest state and local taxes in the U.S.