Israel A. Englander and Co. announced Monday that its Managed Accounts & Prime Services unit has opened an office in Florida’s Palm Beach County.
The New York-based firm said in a statement that Palm Beach’s “business-friendly” climate prompted MA&PS’ move to the region. Aside from the region’s year-round sunny weather, Florida’s lack of state income tax makes the region attractive to various firms.
The Palm Beach office will be headed by the firm’s managing director and head of sales, Brett Langbert, who will split his time between the new office and MA&PS' New York office.
eVestment previously reported that many New York-based hedge fund managers are flocking to Florida to escape the state's high tax rates. Among firms that have already relocated includes hedge fund manager Edward Lampert's ESL Investments, which moved from Connecticut last year.
MA&PS provides multi-prime brokerage services for the small and mid-cap hedge fund community and investors.