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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.
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By Lynnley Browning and Gillian Tan