Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Hedge Funds Are Ready to Get Out of New York and Move to Florida

April 17, 2021, 1:00 PM

Carl Icahn has already left New York. Dan Sundheim is planning to leave. Larry Fink is staying, but is worried about its future.

New York was struggling to retain some of the world’s richest people and the firms they operate even before Governor Andrew Cuomo and state lawmakers hiked taxes on millionaires and billionaires. Wall Street’s biggest names — including Goldman Sachs Group Inc., Apollo Global Management Inc. and Point72 Asset Management — are taking steps to expand elsewhere, especially Florida.

Key to the Sunshine State’s allure is its income tax — it doesn’t levy any. By contrast, New York City’s wealthiest now ...