Comments (34)

 
Dec 6, 2010 - 9:28pm

BS...I live in Miami and work in finance, and all you'll find is a bunch of financial advisors who work for the usuals UBS, Merrill, Morgan Stanley etc.

Hedge Funds are basically non-existent, and the ones that are here usually last 1 yr at the most. It is really not a good place to find serious jobs in finance. It all comes down to clients. Florida has wealth, but it is "old" wealth, from retired people. Old people are the most careful about their money, and do not invest in "dark" mysterious funds, especially after what happened with Madoff (and he was not even a fund, so imagine).

The young money in FL is from celebrities (actors, singers, rappers), but all they have here is vacation homes, or just something they can call home to take advantage of the FL residency (no state taxes). They do not actually live here therefore any money is invested out of the state.

Other than that, you have those who have money because of real estate, but you know how that's going now so they have no cash to invest.

Then you have tourism, but also in that field FL is struggling compared to the past.

So to sum it up, FL is more of a "show off" place for rich people who come from other states and do business elsewhere. Those who are wealthy and live here are old retirees and their wealth does not go in hedge funds.

What I keep reading is that people WISH Miami becomes a prominent financial center, but there is too much of a laid back mentality here, and nothing will ever compare to the professionalism of the northern states. Unfortunately extremely warm weather is not too business friendly, and this happens all over. Just think of how the world as a whole is developed....colder regions rich, southern regions not so rich, it almost never fails.

 
Jan 31, 2016 - 10:56pm

MIAMI Hedge Fund (Originally Posted: 05/28/2007)

I'm doing a S&T internship this summer in NYC but I go to college in Miami. I would love to intern in a HF back in Miami after the summer is over and I start classes again. I did a bit of research but didn't really find anything. Help..!? Thanks!

 
Jan 31, 2016 - 10:57pm

It really depends on what you are looking for in Miami. Everest Capital has an office in Miami as does Stark. Everest invests globally and is active in equities, event strategies and macro investing. Stark is a multistrat but its Miami office focuses on value equities and event trading in Latin America. You could also try III (called triple I or three I) which focuses on fixed income relative value strategies.

 
Dec 7, 2010 - 10:12am

shorttheworld:
i think this guy named bernie had a great hedge fund down there, anyone have any connects? i think his funds are closed now :(

Well actually his clients got monthly statements that showed every single position in the accts, just like any separate acct at any brokerage place. That's the tragedy of it all, he was able to trick the system even though everyone got their individual statements and had separate accounts. Most HFs simply send you info on the value of your accts, wheter it is up or down...but no detailed positions info....so it's a matter of believing whether or not that is true info, even though you have no idea what your money is invested in....

 
Jan 31, 2016 - 11:01pm

Theworks,

Good call, I missed that one this past year. Looks like the move was fairly recent. Check the private island he bought. (first link)

http://www.greenwichtime.com/news/article/Lampert-folds-up-tent-in-Greenwich-moves-hedge-3611740.php

http://www.nypost.com/p/news/business/lampert_beats_it_fRKpuZePmjBxqR69cmJcAK

Thanks for the comment!

 
Jan 31, 2016 - 11:02pm

Financial scene: mostly PWM/AM for UHNW individuals, lots of FOF activity down here in that respect. Lots of boutique and lower MM investment banks as well.

If you do your research and have questions about specific firms, post up, and I'll reply on the forum for everyone's benefit.

 
Jan 31, 2016 - 11:03pm

sofib09:

Financial scene: mostly PWM/AM for UHNW individuals, lots of FOF activity down here in that respect. Lots of boutique and lower MM investment banks as well.

If you do your research and have questions about specific firms, post up, and I'll reply on the forum for everyone's benefit.

I would really like to know more myself. But it seems to me the focus is on UHNW LatAm clients. Lots of private banking & pwm that I know of. Lots of administrators for offshore accounts in the Caribbean etc.
Anyone else?

 
Dec 7, 2010 - 9:06am

Miami is home to HIG Capital (8.5 billion under management) with PE, VC, RE and Hedge Fund strategies - the place is legit and one of the most respected places to work. Also, further north is Lighthouse Partners, one of the largest fund of hedge funds (West Palm Beach).

Miami has a lot of family offices as mentioned before, but if you do a simple search online you will find a variety of PE / VC shops and boutique banks, specifically with a Latin American focus. Be sure to check Coral Gables and the like, and as I alluded before if you do some real research you will not only find these firms, but will be happy to notice contact info is very attainable.

"Jesus, he's like a gremlin; comes with instructions and shit"
 
Dec 7, 2010 - 10:15am

JimmyDormandy:
Miami is home to HIG Capital (8.5 billion under management) with PE, VC, RE and Hedge Fund strategies - the place is legit and one of the most respected places to work. Also, further north is Lighthouse Partners, one of the largest fund of hedge funds (West Palm Beach).

Miami has a lot of family offices as mentioned before, but if you do a simple search online you will find a variety of PE / VC shops and boutique banks, specifically with a Latin American focus. Be sure to check Coral Gables and the like, and as I alluded before if you do some real research you will not only find these firms, but will be happy to notice contact info is very attainable.

Yeah but the core of HIG is mostly private equity....they absorb a bunch of startups or struggling companies and turn them around. They deal with equities, but that's a very small part of their business. They have an amazing office btw, been there and it is extremely professional, not to mention all the ladies are pretty hot :)

 
Dec 7, 2010 - 10:19am

MrFuture:
JimmyDormandy:
Miami is home to HIG Capital (8.5 billion under management) with PE, VC, RE and Hedge Fund strategies - the place is legit and one of the most respected places to work. Also, further north is Lighthouse Partners, one of the largest fund of hedge funds (West Palm Beach).

Miami has a lot of family offices as mentioned before, but if you do a simple search online you will find a variety of PE / VC shops and boutique banks, specifically with a Latin American focus. Be sure to check Coral Gables and the like, and as I alluded before if you do some real research you will not only find these firms, but will be happy to notice contact info is very attainable.

Yeah but the core of HIG is mostly private equity....they absorb a bunch of startups or struggling companies and turn them around. They deal with equities, but that's a very small part of their business. They have an amazing office btw, been there and it is extremely professional, not to mention all the ladies are pretty hot :)

I can only imagine - their reputation speaks for itself in the LBO capacity, and they seem to be really pushing in the VC capacity. Met a few Associates / VP's at an industry conference and you are correct, they are extremely professional - most are Harvard MBA's and the like. I'm sure the ladies are hot, it is Miami after all!!

"Jesus, he's like a gremlin; comes with instructions and shit"
 
Dec 7, 2010 - 10:25am

Mr Future - I see you live in Miami (like a second home to me, lot of family there). If you haven't yet, do yourself on a favor on a Sunday afternoon in South Beach, go to La Piaggia (at the tip of SoBe overlooking Fisher Island @ the Murano hotel). It says private club but do not hesitate, go right in and get yourself / buddies / girls a table for the day. Eat like a king and indulge in a magnum bottle of their homemade Rose (the place is modeled after theirs in St. Tropez) - you will not regret the tab, or the topless pool you will be overlooking while indulging in some delicious cuisine.

"Jesus, he's like a gremlin; comes with instructions and shit"
 
Dec 7, 2010 - 8:37pm

JimmyDormandy:
Mr Future - I see you live in Miami (like a second home to me, lot of family there). If you haven't yet, do yourself on a favor on a Sunday afternoon in South Beach, go to La Piaggia (at the tip of SoBe overlooking Fisher Island @ the Murano hotel). It says private club but do not hesitate, go right in and get yourself / buddies / girls a table for the day. Eat like a king and indulge in a magnum bottle of their homemade Rose (the place is modeled after theirs in St. Tropez) - you will not regret the tab, or the topless pool you will be overlooking while indulging in some delicious cuisine.

Thanks for the heads up, I saw the place from the outside many times but I never went in. You mentioned a lot of things that definitely make me want to go in :)

Thanks !

 
Dec 7, 2010 - 4:37pm

Also work in finance in Miami and there really are very few finance opportunities overall from what I've seen. A few HF's here and there, most have low 7-fig AUM at most, a few mid-market & boutique I-Banks & PE firms w/ mostly Latin American/Caribbean focus, some larger banks run decent operations also Latam/Caribbean focused (ibanking, syndicated loans, PWM), several CRE opportunities, several family offices as mentioned, but more private banking and wealth management than anything else. The actual opportunities at most of the legit places are few and far between and definitely on a "know someone" basis.

 
Dec 8, 2010 - 2:57pm

I agree with the sentiment above....there are some small buyout firms here in Miami with traction (I work at one) but very few HFs. I know fir tree partners is down here, they are primarily a NY fund.

However, if I were to lose my job here I would msot likely have to move back up to NYC...although I work in RE/PE which is way more focused.

I know this sounds obvious, but If you're fluent in spanish and you have any connections whatsoever to Venezuela/Colombia/Argentina/Brazil Miami can be a great place for you. Whether it is private wealth or PE/HF, everything is Latin America-focused down here. Also, give it another 5 years and there are a few more neighborhoods that will be built up, namely Brickell and Wynwood...which will finally bring the city up to par business-wise with some other major US cities.

 
Dec 8, 2010 - 4:32pm

Matt the Tiger:
wiggityWACC:
maybe we should create an MIA networking forum...there are not many sophistcated guys down here, so it would be nice to be in touch with guys that are.

haha really? I've been interested in what it would be like working in Miami, this is unfortunate to hear.

Depends on what you're looking for...

Wanna be a big fish in a (relatively) small pond or want to create a strong local network fairly quickly?

It's a good place to be.

If you're looking for wall street sophistication on south beach (from my experience, at least) it's not quite there yet...the very few places that meet this requirement are so small there aren't enough jobs to go around.

Take care

 
Dec 8, 2010 - 4:42pm

South Florida (not just Miami) is home to a variety of PE houses and the like - you just need to do your research. Sure, these places are smaller (which makes it easier to network and establish a relationship) and not "brand name" but are still doing deals and making a shit load of money in the process.

"Jesus, he's like a gremlin; comes with instructions and shit"
 
Dec 8, 2010 - 4:45pm

I can confirm that especially now, quality jobs is finance in Miami are hard to find.

Just go on monster, careerbuilder, efinancialcareers or any other job website, and you'll see only crap like 'client service associate,' 'new financial advisor trainee' programs and stuff like that.

Every now and then you'll see a cool analyst position available, but that's when the requirements are so strict, that you would have to be from NYC to know any of that shit.

If anyone asked me, I would strongly advise them to move to NYC instead of wasting their time here, at least when talking about finance. Unless you are a financial advisor with a solid book of clients, this is not the right place to be.

I have the luck to be working for an indepent RIA where I learned a lot about portfolio mangement and trading, but then again the possitilities for growth are very limited. I am at the point where I am thinking : "now what?"

 
Dec 19, 2010 - 12:00am

Most of you guys are right - there isn't much at all in Miami in terms of jobs or shops.

There are a few fund of funds - then there is HIG, and I have talked to LNR a few times about CMBS. but thats all.

In light of this lack there of - I am moving to NY in January 2011 to hit the streets.

South Beach is fun and the LAT AM banking opportunities are promising if you are older and already have accounts - but thats pretty much it.

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