Some have long seen the value of living in Florida.
Boca Raton-based III Capital Management, for example, moved from Chicago in 1984, despite a name that technically stands for Illinois Income Investors.
"The winter was quite cold, and so the decision was made that we could manage capital anywhere, so we looked into where the Gulf Stream of the Atlantic Ocean met the Eastern Seaboard of the U.S.," said Robert Printz, co-head of investor relations at the $3.6 billion money manager. "The answer was West Palm Beach."
Other firms already based in South Florida include hedge fund investor Lighthouse Partners, hedge fund Otter Creek Management, private equity firm Sun Capital Partners, and hedge and mutual fund manager Fairholme Capital.
Some investment managers already have second homes in Florida but are not full-time residents. That fact is what started the Palm Beach effort in late 2011 to lure more of them into living in Florida full time, according to Smallridge.
While Palm Beach has long been a wealthy enclave, Miami is growing as a hub for the rich, especially those from Latin America.
A recent Knight Frank study found that Miami ranked sixth on a survey list of "most important" cities to ultrahigh-net-worth individuals (London was first; New York was second).
Still, Miami had just 229 people with $30 million or more in assets, according to Knight Frank, compared to 3,008 in New York and 969 in Los Angeles.
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