Published Tuesday, March 6, 2018

An Ohio investment management firm has opened an office in Palm Beach, signaling that Palm Beach County is increasingly becoming an attractive destination for big money.

Columbus, Ohio-based Halite Partners officially opened its second office Tuesday. CEO Phil Shaffer was previously a managing director at Morgan Stanley, where his team managed about $4 billion in clients assets before he left to start his own registered investment advisory in 2017.

Halite's announcement follows a broader trend of money managers and hedge funds opening up offices in Palm Beach County. Notably, legendary hedge fund manager Paul Tudor Jones opened an office in the city of Palm Beach in 2015.

Since 2013, 60 to 70 hedge funds, private equity and wealth management firms have moved to Palm Beach County, according to the Business Development Board of Palm Beach County.

Halite expects to staff at least three additional team members in Palm Beach by the end of the year. 

Shaffer, named one of Barron's Top 100 financial advisors for seven consecutive years, said that a high concentration of asset managers, a culture of entrepreneurship and sheer wealth in the area make it an attractive place to do business.

In addition to opening up its Florida office, Halite Partners announced two new hires. Kevin Kale, formerly of Manning & Napier Advisors, was named director of business development, and Nicci Harrell Hicks, a former assistant general counsel at NetJets, was named director of wealth services.

As of Dec. 31, Halite Partners managed more than $110.5 million in assets.

South Florida Business Journal
By Keith Larsen
 – Reporter, South Florida Business Journal