The location will mostly house back-office technology employees. Investment professionals won’t be based there, for now.
Read more: Hedge Funds Head for Florida With Taxes on Rich Rising Elsewhere
South Florida has been actively recruiting firms including hedge funds, some of which are attracted to the state’s zero income tax. While Miami-Dade isn’t cheap by Florida standards, it can be a bargain compared to New York.
“Miami is a vibrant market with a pipeline of top talent from best-in-class technology programs and a large technology footprint,” Jennifer Friedman, a spokeswoman for Blackstone, said