Moore Capital Management, a $10 billion hedge fund, is opening a Miami office next year, Bloomberg is reporting.
The new office is part of a trend triggered by changes to tax laws this year, limiting state and local tax deductions to $10,000. Florida has no income tax, putting it at an advantage compared to high-tax states in the northeast such as New York, New Jersey and Connecticut.
Moore’s Miami office is being opened at the request of one portfolio manager, who wanted to move here. It is expected to keep and attract other investment professionals, Bloomberg wrote.
Moore’s billionaire founder Louis Bacon doesn’t have plans to move to Miami, according to Bloomberg.