Cathie Wooden’s Ark Funding will shift its company headquarters to St Petersburg, Florida, from New York Metropolis, becoming a member of a rising variety of Wall Avenue companies which might be shifting south.
The asset supervisor will completely shut its New York workplace on the finish of the month, and plans to start out development on a brand new headquarters, the Ark Innovation Middle, through the first quarter of 2022.
Florida has turn into generally known as “Wall Avenue South” within the wake of the pandemic, with many financiers shifting their make money working from home workplaces to the southern state, which doesn’t levy a private state earnings tax.
This week, Goldman Sachs moved a few of its asset administration staff to West Palm Seaside and Ken Griffin mentioned Citadel had opened a big outpost in Miami, and could be shifting a major variety of individuals to these workplaces.
Wooden based Ark in 2014 as an lively supervisor in trade traded funds proudly owning expertise corporations on the forefront of disruption and innovation. Her concentrated bets on corporations similar to Tesla and her spectacular document since 2016 has elevated Ark into the ranks of the highest 10 US ETF managers.
“Ark shouldn’t be a conventional Wall Avenue asset administration agency, and we’re wanting ahead to breaking the mould additional by relocating to St Petersburg, a metropolis investing in expertise, science and innovation,” Wooden mentioned in an announcement.
Ark mentioned “a considerable variety of staff have chosen to relocate and work within the workplace”. They can even retain their hybrid back-to-work mannequin so some staff can work remotely.
The asset supervisor mentioned the shift to Florida would enable it to “retain and appeal to high expertise by supporting entrepreneurs and tech start-ups” within the area.
Ark’s Innovation Middle is scheduled to open in July 2023 and shall be situated on 2.5 acres donated by the metropolis of St Petersburg. Pinellas County will construct and personal the industrial property.
Further reporting by Madison Darbyshire