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Komfie Manalo, Opalesque Asia: Hedge funds are flowing into Miami, Florida after they are drawn to the city’s favorable weather and tax climates," said attorney Carlos Deupi, chairman of the Miami Finance Forum. "Hedge funds have been moving from New York and elsewhere to Miami. The hedge fund industry has been expanding in sync with Miami’s expansion as a global financial center," he was quoted as saying by Miami Today News.
Deupi went on to share that the city of Miami "has evolved from a strictly private wealth banking center for Latinos and snowbirds to a complex and diversified international financial center." Deupi is also general counsel, executive vice president and corporate secretary of private equity and asset management firm Brilla Group.
According to Deupi, Miami offers an all-year temperate climate that attracts the financial service sector. The state’s no income tax regime is also an added bonus. Compared to New York City, venture capitalists, family offices, hedge funds and financial management firms that set up offices there has to pay federal, state and municipal tax that sometimes exceeds 50% of their salaries.
More importantly, Miami offers a solid infrastructure to banks, prime brokers, lawyers, accountants, fund administrators and other professionals that is beneficial to the financial industry.
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