"The New York-based hedge fund signed a 10-year lease for 25,000 square feet... D1 joins a long list of financial firms that have recently made the move South. Attracted by the sun, a pro-business mayor and low taxes, financial behemoths Blackstone, Steve Cohen’s Point72, and Thoma Bravo have all signed leases in the Magic City this year. More are still touring the market, including Israel Englander’s Millennium Management as CO previously reported, as well as Citadel."
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What are the chances that there are good roles in Miami for PE. Obviously, HF office location isn't really that important, but for PE I would've thought the location would be emphasized.
The fact that firms like Blackstone and Thoma Bravo have already made the move, the latter being one of the top tech MF PE's and the former being... well, Blackstone, tells me that good roles in Miami for PE shouldn't be any less scarce than their counterparts in HF.
I guess I kinda assumed those offices would have back office roles or not actual investment roles. But, you think they'll have investment teams in Miami?
Can't remember where I heard this, but supposedly when Steve S. was asked about moving BX to a newer building in, say, Hudson Yards his only response was, "it's not on Park Avenue..." Makes me pretty bearish on any BX front office in Miami – for better or worse none of those firms are going anywhere as long as they're run by the 'old guard' wall street dealmaker types.
Thoma Bravo is an outlier – Chicago roots but I think Bravo built the firm into what it is mostly out of SF (no NY office as far as I know). Seems like their culture is more accommodating of geographic separation, but I'm just speculating there.
Apollo is pretty interesting – heard they're opening offices in Greenwich and PB too. They were always the toughest MF PE shop to work for in my mind: seems like they had a bit of a culture crisis during COVID ($200k+ retention bonuses, etc.) and are now trying to make up for it. We'll see if the flexibility lasts past 2021, but if so that could (surprisingly) be a real differentiating perk.
HF a different beast (so I'm told). Must be nice for those D1 analysts catchin' some sun with Sundheim...
HIG is there.
OP said "good roles"
Hope more follow
Apollo opening two offices in Florida for investment professionals (and anyone else who wants to move)
Where is Florida? I assume Miami and Jacksonville or St. Pete?
Miami > MANHATTAN
We all should move to Miami. Better vibes. Less stress. Why not?
Hotter women, less liberals, no income tax, can own firearms, and can actually afford a nice house. Need I go on?
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