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Benedicte Gravrand, Opalesque London:
Florida is not what you would call a traditional home for hedge fund managers; but it is slowly filling up with "New York refugees", and could grow into a hedge fund centre comparable to that of Chicago or the West Coast in the near future, said participants at a recent Opalesque Roundtable in Miami.
Florida is on a peninsula, South of the U.S. East Coast, with one foot in the Gulf of Mexico and the other in the North Atlantic Ocean. It is within proximity to the Bahamas, the Caymans, Jamaica, Cuba and Haiti, as well as Mexico. Those conducting a financial business there can enjoy the absence of a state income tax, a good quality of life, and the concentration of international high net worth individuals (HNWIs) - who all love the Sunshine State.
"Florida serves as one of the most important gateways to these regions," said Jorge de Cardenas. And indeed, some of the clients of his firm, Kaufman Rossin Fund Services, an administrator, are based in South America. He listed the quality of life, warm weather and the absence of a state income tax as differentiators.
He noted that for the sixteen-month period ending April 2010, KRFS had 107 fund launches, 10% of which were based in Florida and 5% in South America.
"One of the developments in the financial world over this past decade is that the hedge fund business has become global and i...................... To view our full article Click here
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