Florida Will Overtake New York As The Epicenter Of Finance, Hedge Fund Manager Says

The movement of finance firms to Florida will “massively” accelerate following the announcement that Citadel is relocating here, a hedge fund manager is predicting.

James Koutoulas, the founder of the $250M Typhon Capital Management, relocated from Chicago to Miami in 2018 for what he says is a superior lifestyle and lower taxes.

Koutoulas told Business Insider that he now expects Florida to pass New York as the epicenter of the finance industry.

“Every time a firm moves here, it makes it twice as easy for the next firm to move,” Koutoulas said.

Now that Citadel is moving its headquarters here, the process will gain even more steam.

Koutoulas said Citadel is the world’s best hedge fund. “No one can ever delegitimize South Florida again.”

 

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Anon
1 month ago

This is ludicrous. Wall Street is the literal epicenter of the worlds financial system. The modern financial industry was born in and presides it New York. It would take a century to even make a dent.

Anonymous
1 month ago

But we got a Bull statue too so…

Anonymous
1 month ago

And crypto is crashing but at least we have a bull lmao

Checo
1 month ago

…with laser eyes and diamond hoofs.

Anonymous
1 month ago

… and a mayor posing with a cheesy smile next to it.

BikeLad
1 month ago

It’s a load of hype, Miami doesn’t even crack the top 50 of the World Bank’s financial centers index. Still the growth of the past couple of years has been incredible to see.

Anonymous
1 month ago

Miami finally became the new girl on the block.

TR Murphy
1 month ago

How many firms are actually on Wall Street? It’s largely residential now

Jonah
1 month ago

I can tell you don’t work in finance. I do work on Wall Street and can tell you the exodus is relentless, and as the article says, it feeds on itself. When peers see Citadel moving to Miami, they ask themselves if this is something they should also be considering.
More importantly, employees of these firms, whom are highly compensated, love the idea of moving to a state/city with low taxes and good weather. By moving to FL from NYC, their disposable income increases 30% overnight. It’s a no-brainer.

Anonymous
1 month ago

The people from NYC, welcome!

La Mala
1 month ago

Why do they need to be in NYC when they got High-Speed Internet? What’s the point of paying higher everything to have a NY address? Seven years ago my attorney and half their firm lived in NY, fast forward to 2022 and 90% of the firm has moved permanently to FL and barely make it into their much smaller Brickell office. They are saving hundreds of thousands of dollars. Money talks and the word is out.

Kurt Cobaine
1 month ago

I love Miami but it’s a bit of a stretch to say. More realistic to call it a secondary finance hub.

Anonymous
1 month ago

That’s why he said he “EXPECTS” Florida to pass New York as the epicenter of the finance industry.

When and if that ever happens, he doesn’t know, and he doesn’t say.

Azarius
1 month ago

Yes New is just too established and too invested in for it not to stay on top but Miami will surpass LA and Chicago definitely if we can stop our streets from flooding and improve mass transit

Anonymous
1 month ago

Flooding streets and mediocre transit versus crime not seen since the 1970s and early 80s, drugs, rampant homeless, and taxes going to no improvements. IDK, the choice is pretty obvious.

TR Murphy
1 month ago

A lot of firms were already moving out. The industry in NY is a shadow of it’s former self.

Anonymous
1 month ago

You mean, industries are always moving in an out of states and even countries?

Geez, you learn something new everyday…

Anonymous
1 month ago

brickell has over 55 international banks NYC 75, these numbers are old considering it has doubled in office space and size since 2000 so yes expect MIAMI to lead very soon. NYC population keeps declining due to lack of affordable housing and high taxes

Anonymous
1 month ago

Hahahaha… there are more people who live in Manhattan than in the entire county of MiamiDade.. so stop comparing NYC and Miami because they are two different dynamics.

checker
1 month ago

Manhattan: 1.7 mil people. Miami-Dade: 2.8 mil people. So, not exactly.

Anonymous
1 month ago

Okay, you got there. I meant to say including the people who work there, the population in Manhattan can easily swell to over three million people.

Kurt Cobaine
1 month ago

More than half of Manhattan office buildings are sitting empty. Work from home kinda ruined NYC.

Anonymous
1 month ago

Um, I think Covid 19 had something to do with that.

Aland
1 month ago

Says a new yorker

Flash
1 month ago

Florida is the most populated state east of the Mississippi, so stop comparing the two!

Anonymous
1 month ago

The latest census puts New York City’s population at over 8.9 million with 25 million people within an hour drive from Manhattan. As of now, Miami has surpassed NYC in housing costs.

Anonymous
1 month ago

Because south florida is trapped between two national parks the Everglades and Biscayne bay. We are extremely limited with growth so we have to build up causing the value of the land to increase which causes housing cost to increase. Land around NYC is infinite and with actual transit you can live outside the city at a lower cost and commute in.

anonyomous
1 month ago

So what? Build up. We don’t need to be like Houston or Los Angeles or Phoenix with sprawling mcmansions highways and single family homes until we cover every square inch of the state. You act as if those glorified parking lots are the only cities on the planet earth.

Send some of these reffy local politicians to Amsterdam, Madrid, Barcelona, Vancouver or Hong Kong to hire people who are properly experienced in how actual cities function and grow instead of them laundering and pocketing the money from all their multi-year “studies” about transport and development which always go nowhere

Anonymous
1 month ago

Um, last time I checked, NYC is flanked between the Hudson River, and Long Island Sound and New York/New Jersey Bight to the Atlantic Ocean. You might have transit into the city from New Jersey, but they have national parks as well as imposed urban growth boundaries.

NYC-MIA
1 month ago

LOL!!!!! trapped….infinite land in NYC…. you know nothing… !

Anon
1 month ago

There is literally a financial center ranking and Miami doesn’t even make the list yet. Cities like Tehran and San Diego are on the list. Google “Financial Center Index”

Anonymous
1 month ago

Miami does not participate in Financial Center Index, reason it does not show up…I lived in San Diego—if you think that is a bigger financial center than Miami I suggest laying off the meds.

Anonymous
1 month ago

Don’t forget politicians whose social policies have been areas of NYC look like Mogadishu.

BDub
1 month ago

If one of JP Morgan, Citigroup, Goldman Sachs, or American Express relocate here then maybe.
Hedge funds are not the epicenter of finance.

Melo is sigma and chad
1 month ago

Amex already has a office in Sunrise

Anonymous
1 month ago

wow, thats only 40 miles away

Fern
1 month ago

An office is not the same as a headquarters. FB also has an office here. It’s not replacing Menlo Park

Anonymous
1 month ago

LOL, Sunrise. Literally the poor man’s Doral and that’s saying something.

Anonymous
1 month ago

Sunrise is the poor man’s Miramar

Anonymous
1 month ago

Goldman is expanding rapidly here…

Anonymous Hippo
1 month ago

“Florida Will Overtake New York As The Epicenter Of Finance” says guy from Chicago…

Ok, alright, buddy…

Anonymous
1 month ago

Great idea ,now relocate the Wall Street and the Stock Market and you are heading in the right direction. And don’t hold your breath .

Fern
1 month ago

I want to have the delusions they have. Must be a lot of fun

MiamiArchi
1 month ago

I’m not sure I can agree with this statement. I understand what he’s saying, lots of benefits in moving to Miami for New Yorkers. Weather, taxes, value for money etc. And the more people that move the more established it becomes.
But NYC is NYC surpassing it is unlikely anytime to soon.
However, at this point saying Miami is 2nd in the USA for Finance firms is a basically a forgone conclusion.

Anonymous
1 month ago

Um, people from NY and NYC aren’t just moving to Miami, they’re moving to other cities in Florida also.

Anonymous
1 month ago

This. If people actually read the title, it says “Florida,” not Miami. So it also includes corporate relocations or expansions to elsewhere in South Florida, the I-4 Corridor, Jacksonville, etc. Of course, this is the same blog where people go bats**t over Fort Lauderdale news.

Anonymous
1 month ago

Lol, from tech hype to finance hype, Miami truly is the “fake it til u never make it” city lol

Melo’s pájaro nalgon
1 month ago

Can they please stop with all this bs propaganda. Do they really want mass migration to south Florida? It’s superior lifestyle with no taxes…until thats no longer the case. Please don’t ruin it

Anonymous
1 month ago

Statements like this are how you know that the finance folks in Miami are doing A LOT of the city’s blow lol

Robert James
1 month ago

Let’s not get ahead of ourselves folks lol. The two firms that relocated came from Chicago, not NYC.

Schlomo Rubenstein
1 month ago

That’s the funniest thing I’ve ever heard!!!

Anonymous
1 month ago

Lmaoooooooo

David Gitelstein
1 month ago

Whoever came up with this should consider performing at the Catskills. That’s comedy!

Anon
1 month ago

NY will always be NY and there will always be only one Wall Street. That won’t change. There are significant reasons both personal and professional that NY will come back very strong. That said & while Boston plays a preminent role in mutual fund/investment management world, SF in VC world – Miami now and in years to come will continue to strengthen in the hedge fund and crypto world. In the hedge fund/alts area, it’s been building up for over 10 years and not too different for crypto.

Anonymous
1 month ago

I would love for that to happen, but moving a big company isn’t easy. There’s the important issue of lower taxes in Florida, but Miami still doesn’t have that many commercial real estate and it’s hard to decide whether to fire everyone in the previous city, hire new employees in the new city, or transfer employees, an expensive process.

Logan Square
1 month ago

No – I don’t agree. The city of Miami is a new player, but still a millennia from being NY.

Floridumb
1 month ago

This is hilarious. Only a Floridian would be so delusional. Enjoy being thr epicenter of finance with your location next to Atlantis on the ocean floor.

Flash
1 month ago

Sounds like these clueless New Yorkers are getting a little worried. I love it! Losing your appeal are ya?

lolski
1 month ago

LOL…. one major firm moves, wake me up when 100 move while NYC still keeps 500 then we might be onto something….

Wut
1 month ago

Citadel and miami make a deal. Now the city is trying to get publicity with these types of articles.

Anonymous
1 month ago

No one can actually believe this will ever happen, but God bless this man for being a cheerleader for Miami and the state.

Anonymous
1 month ago

Please.. you better thank those those blue state and the businesses that are relocating from them for these fortunes.

Anonymous
1 month ago

Well, so much for that ridiculous shit called the – “Freedom Tower.”

lol…

Duke
1 month ago

Wherever these people go, cities turn into dumpsters on fire!

Anonymous
1 month ago

You mean like West Virginia and Mississippi?…

Melo is sigma and chad
1 month ago

wonder what silly plot the mayor of NYC is going to do to try to reverse that.

Anonymous
1 month ago

Nothing to reverse

Anonymous
1 month ago

Blame everything but his clownworld policies.

Anonymous
1 month ago

Are you kidding about “no plans for mass transit?”

Look, they just recently spent money for more old fashion looking Trolleys.

Anonymous
1 month ago

In about 10 years

Angel in the sky 🌤
1 month ago

And then Miami will say “it’s prank”
Do to that theory being said since in the 80’s 90’s and same sh** every decade

Checo
1 month ago

The dopey hippies have been predicting that since 1970.

Space aliens will land their spaceships and drink all our beer before anyone has to worry about being underwater.

Anonymous
1 month ago

Let’s all sing it together… “Miami winning”
Weeee

thurstontraveldaily
1 month ago

What nonsense. Miami and South Florida has some appeal, but not a place people want to live in from June through October. The area is always on the edge of a major hurricane half of the year. Young talent don’t find it appealing. A secondary hub of finance, or tertiary one, yes. But not much more.

Eduardo Burkhart
1 month ago

Miami is the Dubai of the West.

JEHF
1 month ago

This is just the beginning. All these critics and their lack of vision are just big crybabies. I have friends in London today, and the growing topic among theses hedges is….. M I A M I. So some of you can keep criticizing this city all you want… But be ready, Miami is just started to take off.. Get ready for what’s coming.!

David Gitelstein
1 month ago

London has utterly collapsed as a financial center.

Anon
1 month ago

It is literally the second largest financial center on the planet; there is a ranking, and Miami does not crack it.

Mark
1 month ago

It is sad seeing NYC fall, but predictable given all the crazy policies. It is just not the same city it was back in the day

Barry Goldstein
1 month ago

That’s ridiculous.