The latest buzz on Wall Street is all about the migration of hedge funds to warmer, sunnier locales — in particular, Palm Beach County in Florida.
The county has created the Palm Beach County Business Development Board to help encourage and attract firms, especially those in financial services, to the area.
Kelly Smallridge, who runs the Palm Beach County Business Development Board, told the New York Post, “We’re not doing a multimillion-dollar marketing campaign. We don’t need to. They’re coming to us.”
The New York Post and Dealbreaker have discussed some of the reasons why hedge funds like Apex are moving down the coast.
People aren't just going there for the fun and sun — Palm Beach also makes business sense, too.
Because Florida has no state income tax.
The New York Post highlighted this key fact, which can significantly increase one's take-home pay:
there’s no state income tax in the Sunshine State. Compare that to New York, where the state and local governments took $14.71 of every $100 earned in 2010, according to state records.
Source: New York Post
Because the 'Bloomberg' factor is a good reason to get out of NYC.
TheReal Deal reports"more established firms are skittish about New York City, especially given the fear of less business-friendly policies in the post-Bloomberg era."
The billionaire mayor leaves office this year.
Source: Real Deal
Say goodbye to your heavy coat -- the weather is gorgeous.
The chart to your right, which displays the average monthly high and low temperatures in Palm Beach, speaks for itself. For comparison's sake, the average temperature in Palm Beach is about 20 degrees higher than in New York City.
Source: Weather.com
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