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Cathie Bois
Reed Young / ARK Invest
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Cathie Wood’s ARK Invest is moving its headquarters from New York to St. Petersburg, Florida, the company said on Wednesday.
The fund manager, who focuses on investing in disruptive innovations and manages the $ 19.5 billion
ETF Innovation ARK
(ticker: ARKK), is the latest to join Wall Street peers in the Sunshine State. The move will take effect on November 1.
ARK also announced plans to build an incubator in collaboration with the local government, which will aim to “retain and attract top talent by supporting entrepreneurs and tech startups in St. Petersburg and the Tampa Bay area.” The incubator will be named ARK Innovation Center and is expected to open early next year and open in July 2023.
ARK said the relocation and the ARK Innovation Center would help advance its business and facilitate collaboration with innovation communities.
“ARK is not a traditional Wall Street asset management company, and we look forward to breaking the mold further by moving to St. Petersburg, a city that invests in technology, science and innovation,” said ARK Founder and CEO Cathie Wood. declaration.
ARK said its new office – located in the heart of downtown St. Petersburg – will allow the company to grow and its employees to enjoy a better work-life balance. A “significant” number of employees have already chosen to relocate and work in the office, according to the company, while the rest will be working remotely from around the world.
A large number of Wall Street companies have opened offices in Florida since the pandemic began last year, including Citadel Advisors by Ken Griffin and Stephen Schwarzman
black stone
(BX). Hedge fund manager Paul Singer has even moved the headquarters of his Elliott Investment Management from Midtown Manhattan to West Palm Beach.
As more employees work from home, companies are reconsidering their options given the high price of real estate and high taxes in some of the traditional financial centers like New York and San Francisco.
Low taxes and hot weather in Florida have attracted financial executives for years. Many have homes in the state, and some have established satellite offices there. Still, most companies have been reluctant to move their headquarters south, fearing that they will lose connection and talent in big cities like New York.
In September, investment firms based in the Sunshine State accounted for just 1.4% of the industry’s total assets under management, according to data from the Securities and Exchange Commission., while firms in New York accounted for 22%, followed by California, Massachusetts and Pennsylvania. Raymond James is the largest Florida-based investment firm, with $ 434 billion in assets under management under two registered entities.
Local Florida leaders have been trying to attract the financial industry for years. “We are incredibly proud that ARK has chosen not only to join us, but also to invest in the community of St. Pete.” said JP DuBuque, President and CEO of the St. Petersburg Region Economic Development Corporation.
Wood became one of the most prominent stock pickers during the pandemic as his actively managed ETFs were among the top performing funds in 2020. His growth prospects for companies like
You’re here
(TSLA), Wood has attracted a large number of retail investors.
ARK funds have collected billions of new cash since last year, although they struggled amid market volatility in 2021. The company currently manages $ 55 billion in total assets, the data shows. of the SEC.
“We are delighted that ARK has decided to relocate to Florida,” said Florida Secretary of Commerce Jamal Sowell, President and CEO of Enterprise Florida. “Their investment in the St. Petersburg region will have profound economic impacts in the years to come and will continue to make Florida one of the nation’s top innovation destinations. “
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