The move makes it the first high-profile firm to move to Miami since Miami’s Downtown Development Authority (DDA) began its initiative to attract hedge funds and other financial firms to the city.
Miami, which is already the second-largest banking and finance hub in the United States, behind only New York City, launched the Finance Sector Initiative in October of 2013. The campaign involves targeted one-on-one outreach to hedge funds, hosting events that will put Downtown Miami in front of financial executives, and forming strategic alliances with industry leaders.
“Florida’s business-friendly policies, which are so different from California’s, offer the perfect environment for us as we expand,” said Spitznagel, founder and CIO of Universa Investments. “I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses.”
Spitznagel cited Miami’s proximity to Latin America and Europe and its access to an international pool of investors as additional reasons for the move. He also said that he plans to expand his workforce at Universa from 14 employees to 25 in the next three years.
“Financial firms can access the same technology, the same high quality office space, and the same cosmopolitan lifestyle in Miami without paying sky-high income taxes,” said Marc Sarnoff, Chairman of the Miami Downtown Development Authority. “The Miami DDA is thrilled that a high profile firm like Universa recognizes these benefits and we are thrilled to have them join our community.”
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