NYC Billionaire Paul Singer Will Move Hedge Fund to South Florida

A well-known New York City billionaire has announced he is moving his global hedge fund to West Palm Beach, Florida, according to The New York Times.

Paul E. Singer is pulling his Elliott Management and its $41 billion in assets from the city out of fear of how the pandemic will affect Manhattan office real estate.

But Singer will stay in New York, and the hedge fund will still have a presence in the city.

''The main driver was to provide flexibility to people who want to have more say in where they live and work,'' according to an unnamed person familiar with Singer's plan.

Other billionaires have decamped from New York City to move to Florida, including Carl C. Icahn, who fled the city for better weather and a lower tax burden.

President Donald Trump also left the Big Apple in 2019 for his Mar-a-Lago Club in Palm Beach, Florida, after he said elected officials in New York had treated him "very badly.''

The move by Singer is the latest in financial scars being felt by New York since the pandemic hit, as more than a half-million people in the city have lost their jobs.  

Meanwhile, about 500 employees at Elliott Management have begun working remotely.

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