Welcome

Hedge Fund Set for Tax Breaks in Shift to Vegas Opportunity Zone

Nov. 24, 2021, 2:33 PM

James Rosenwald, a veteran Los Angeles money manager, set up shop in a low-income neighborhood in Nevada to tap a lucrative tax break considered off limits to most Wall Street firms.

Dalton Investments, the hedge fund firm he cofounded with childhood friend Steven Persky, took a series of steps to establish itself in an opportunity zone in Las Vegas, according to an October regulatory filing. Opportunity zones, created in 2017 under then-President Donald Trump’s tax overhaul, offer relief from taxes on certain capital gains to those who invest in distressed communities.

Numerous fund managers, particularly those that ...

To read the full article log in. To learn more about a subscription click here.