09 March 2014

California hedge fund Universa moves to Miami

More hedge funds and financial firms will be looking, and moving to Miami --

"Universa Investments . . . Santa Monica, Calif., to Miami on March 1 to take advantage of the city’s business and tax-friendly policies, Miami’s Downtown Development Authority . . . Miami, the second-largest banking and finance hub in the United States behind New York City, launched its Finance Sector Initiative to attract hedge funds through targeted one-on-one outreach, hosted events in New York, Connecticut and Miami, and partnerships with local finance leaders who are helping with the initiative. Miami is already home to a handful of prominent hedge funds, mutual funds and private equity firms including ESL Investments, Everest Capital, Fairholme Capital Management and H.I.G. Capital. "Financial firms can access the same technology, the same high quality office space, and the same cosmopolitan lifestyle in Miami without paying sky-high income taxes,”... Mark Spitznagel, founder and CIO of Universa, cited Miami’s favorable tax policies, emerging financial sector, and better access to Latin American and European investors as primary reasons for the move, and he said he expects other firms to follow suit as local governments elsewhere in the country “tighten their grip” on businesses. “Florida’s business-friendly policies, which are so different from California's, offer the perfect environment for us as we expand,” he said in a statement. Universa, an investment management firm that specializes in “tail hedging” as a means to enhance long-term equity returns, plans to move into offices in Coconut Grove and expand its workforce from 14 employees to 25 in the next three years. ..." (source: MiamiHerald.com )

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Read more here: http://www.miamiherald.com/2014/02/19/v-print/3945725/california-hedge-fund-universa.html#storylink=cpy

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