For more than 40 years, Paul E. Singer has helped cement New York City’s reputation as a global financial capital as the founder of
Elliott Management, a hedge fund with $41 billion in assets whose offices overlook Central Park.
But on Wednesday, Mr. Singer, a billionaire who is one of the wealthiest people in the United States, revealed that he was moving his
firm’s headquarters from to West Palm Beach, Fla.
The decision to leave New York was prompted by the pandemic and the uncertainty over the future of Manhattan offices, a person
familiar with the move said.
Mr. Singer himself, however, will remain in the Northeast, and Elliott will keep offices and some employees in New York, said the
person, who was not authorized to publicly discuss the firm’s plans.
Elliott Management’s departure, which was first reported by Bloomberg News, follows a similar migration in recent years by other
aging billionaire investors, including Carl C. Icahn, who left New York City for Florida, which offers sunny weather, beaches, and
generous tax breaks, particularly for the wealthy.
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President Trump also officially left New York late last year for Palm Beach, Fla., and proclaimed his resort, the Mar-a-Lago Club, his
official residence after complaining that he had been “treated very badly” by elected authorities in the city and state.
Mr. Singer’s departure might have a negative impact on the city’s efforts to emerge from a financial crisis that has left more than
500,000 New Yorkers unemployed. New York City’s personal income tax revenue, which is primarily reliant on rich residents, is
forecast to fall by $2 billion this fiscal year.
Elliott Management first began to consider a move to Florida during the pandemic, when its about 500 workers began to work
remotely, even from neighboring states, according to the individual. City boosters are concerned that the pandemic has caused
irreversible changes in how people work, which may harm New York City’s economy, which is highly reliant on office jobs and
commuters.
“The main driver was to provide flexibility to people who want to have more say in where they live and work,” said the person familiar
with the plans.