Miami To NY Hedge Funds: We’re Ready For You Now

Oct 14, 2013

Miami hopes to lure hedge funds out of New York with an updated twist on a familiar message: Come south for warm winters, zero state or city income tax and -- finally -- a downtown worthy of Wall Street’s elite.

Miami Downtown Development is trying to lure hedge funds to Miami with assistance from developer Nitin Motwani (left) and Miami City Commissioner Marc Sarnoff (right).

“It’s really showing the maturity of our city,’’ said Nitin Motwani, a Miami developer and board member of the Downtown Development Authority. “The more people get familiar with what is happening in Miami — the real Miami — the more people are going to say, ‘I’m going to give Miami a shot.”

The campaign to woo hedge funds, private equity firms and other money managers by Miami’s DDA is the latest front in South Florida’s decades-long effort to move beyond its dependence on tourism, trade and construction to drive the economy.

The familiar trope of a year-round vacation looms large in the DDA’s message, as does comparing Florida’s lack of an income tax with the 13 percent levy paid by top-earning Manhattanites. But this campaign also rests on proving Miami’s bona fides for some of the wealthiest executives in finance. With a new wave of celebrated restaurants, a growing downtown cultural scene and an ongoing embrace of the “new Miami” by national media, the DDA sees an opportunity to make its message stick.

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