Could Florida be the next hedge fund capital?
According to a New York Post
article, New York-based hedge fund professionals are flocking to Florida to escape the state's high tax rates. While the federal tax rates are the same in both regions, there is no state income tax in Florida.
The article also said that demand for industry professionals to relocate to the Sunshine State is so high that officials in Palm Beach County have already launched an office just to answer questions.
Among firms that have already relocated includes hedge fund manager Edward Lampert's ESL Investments, which moved from Connecticut last year.