You may remember when we told you about the Miami Downtown Development Authority’s push to bring hedge funds to town. It’s now a few months later, and the plan is working.
Universa Investments, a hedge fund based out of Santa Monica, California, announced that it would be moving its headquarters to Miami, the second-largest banking and finance hub in the United States behind New York City. Universa is the first major hedge fund to make the move since the DDA began its campaign less than one year ago with the goal of attracting hedge funds.
Miami’s position as a tax haven, coupled with its established financial infrastructure and vibrant cultural scene, are helping the city go toe-to-toe with Wall Street and other financial capitals. Mark Spitznagel, CIO and founder of Universa, explains, “Florida’s business-friendly policies, which are so different from California’s, offer the perfect environment for us as we expand.”
Universa Investments currently holds about $6 billion in assets under management, with plans to expand their office to 25 employees.
“Financial firms can access the same technology, the same high quality office space, and the same cosmopolitan lifestyle in Miami without paying sky-high income taxes,” Marc Sarnoff, chairman of the Miami DDA, commented of the move. “The Miami DDA is thrilled that a high profile firm like Universa recognizes these benefits and we are thrilled to have them join our community.”
You can read more at the Miami Herald here, and on Business Insider here.