While many New York-based hedge funds are flocking to Florida to take advantage of the state’s sunny weather and low-tax rates, Olympian Group of Investment Management is doing just the opposite.
Traders Magazine reported that Olympian Group, based in Florida, is planning to open a New York office. Olympian Group founder, senior managing principal and chief investment officer Michael J. Levas told the news outlet that despite Florida’s tax advantages, the state “just doesn’t have that energy or the whole nuance that New York has.”
Known as the hedge fund capital of the world, New York-based funds managed approximately 42% of the nearly $2 trillion in global hedge fund assets, according to a report from TheCityUK, a trade group for London's financial services industry.
Levas’ New York office will focus on providing four services: trading and research, alternative investments and hedge funds, asset management, and private capital and equity investment.