FUND MANAGERS ARE DITCHING WALL STREET FOR FLORIDA

Published Monday, June 4, 2018

Florida's long-running effort to lure Wall Street hotshots is gaining traction thanks to a provision in the federal tax law that hits residents of high-tax states.

The Sunshine State's most recent conquests are two of the founders of  I Squared Capital, Sadek Wahba and Adil Rahmathulla, who are among executives relocating to Miami from New York, according to a person familiar with the moves. The private equity firm plans to open an office in Miami later this year, said the person, who spoke on condition of anonymity. A company representative declined to comment on the relocation and the reason for it.

The former Morgan Stanley dealmakers, whose infrastructure firm will manage more than $12 billion in assets after its second fund closes later this year, stand to benefit taxwise--as would any other executives from the financial industry who make the move from New York or Connecticut, that's because Florida doesn't have a state income tax and its property taxes are relatively low, whereas the tri-state area has among the highest property taxes in the country.

Complete Article by
Bloomberg

By Lynnley Browning and Gillian Tan

https://www.bloomberg.com/news/articles/2018-06-04/florida-nabs-money-managers-as-property-tax-cap-boosts-its-pitch

Investors

Aerojet Rocketdyne Bank of America BB&T CareerSource Centennial Bank
DePuy Synthes Power Tools, a Johnson & Johnson Company Engel & Volkers Palm Beach Equestrian Center Florida Crystals Corporation FPL
GL Homes GliddenSpina + Partners Greenberg Traurig Gunster Hardrives, Inc.
HCA Palm Beach Hospitals Hedrick Brothers Construction J.C. White JP Morgan Chase LRP Publications
MBAF Minto Communities, LLC NCCI NextGen Mgmt dba DxWeb Management, LLC Nova Southeastern University
Palm Beach Aggregates, LLC Palm Beach County Board of County Commissioners Palm Beach Park of Commerce Pratt & Whitney (A United Technologies Company) Raymond James Financial Services/Boynton Financial Group, Inc.
RSM South Florida Business & Wealth Magazine South Florida Business Journal TD Bank Tortoise Properties
Wells Fargo & Company Wexford Capital