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From Sagar Chakraverty, Opalesque Asia:
“Over the last 30 years, far more wealth was created on the West Coast than on the East Coast. For the money management industry, being near such a vibrant wealth creation centre is an important factor… We are also closer to Asia and in a better time zone to do business with Asia.”
This is what the CIO and the founder of San Francisco-based Passport Capital, John Burbank said at the most recent Opalesque Roundtable in San Francisco. Passport is a global Long/Short manager with $3bn in assets.
Jeremy Evnine, the president of multi-strategy quantitative hedge fund Evnine & Associates based in San Francisco, added that it is faster for Asian investors to travel to the West Coast than to the East Coast.
However, most European investors travel less to the West Coast. Therefore, the East Coast taps in more investors from Europe. “Investors are reticent to make the trip to Los Angeles. Usually, there have to be multiple things calling them to the West Coast before they make the trip,” said Rishi Narang, founding partner of Telesis Capital, which manages products that invests in managed accounts.
The West Coast has a good talent pool too
The state of California has several good schools and universities, which makes hiring hassle free as there are a lot of talented people available locally. Also, people are willing to move fr...................... To view our full article Click here
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