Hedge funds eye Florida's 'New Manhattan'

Downtown Miami along the Miami River.
Sylvain Sonnet | Getty Images

The pitch for running a hedge fund from Miami or Palm Beach is hard to ignore, especially after another brutal Northeastern winter.

Taxes are low, slick offices are cheap, there's easy access to wealthy retirees and Latin American markets, and perks like good schools and ocean-front villas abound—not to mention virtually eternal sunshine.

"It's just a different quality of life," said Kelly Smallridge, who has been recruiting asset-management firms from the New York area as CEO of Palm Beach County's Business Development Board. "People spend an entire lifetime of working to retire to come to Florida, when you can actually earn a living in Florida and live in this environment year-round." (Tweet this)

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