More investors leaving
U.S. northeast for Florida: Sternlicht
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[September 14, 2016]
By Svea Herbst-Bayliss and Lawrence Delevingne
NEW YORK (Reuters) - More financial
executives are decamping to Florida for lower taxes, real estate
investor Barry Sternlicht said on Tuesday, revealing that he is one
of those who recently made the move.
"There's a massive exodus from Connecticut," Sternlicht said, naming
himself and billionaire hedge fund manager Paul Tudor Jones as the
most high-profile recent deportees, at the CNBC Institutional
Investor Delivering Alpha Conference on Tuesday. Sternlicht said,
without naming anyone, many Wall Street workers were doing the same
thing.
"As of July 1," Sternlicht said, "I've become a resident of
Florida." Asked whether his departure was fueled by high taxes, he
said "Yeah."
Sternlicht, who runs Starwood Capital Group, joins billionaire hedge
fund managers David Tepper and Paul Tudor Jones in becoming
residents of the so-called Sunshine State, which has no personal
income or estate taxes. Tepper moved from New Jersey late last year,
according to filings, and Jones moved from Connecticut, according to
a filing. Tepper's Appaloosa Management is now also Florida based,
but Tudor Investment Corp is still headquartered in Greenwich,
Connecticut.
Previously Edward Lampert's ESL Investments moved from Connecticut
to Florida, and Mark Spitznagel's Universa Investments moved its
headquarters to Florida from California, also a high-tax state.
Business development groups in South Florida have aggressively
courted Northeastern investors in recent years. Still, Florida is
not close to rivaling New York and Connecticut, which have by far
the most hedge fund managers and firms.
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![](../images/091416pics/busine51.jpg)
Barry Sternlicht, Chairman and CEO of Starwood Capital Group, speaks
at the 2014 Milken Institute Global Conference in Beverly Hills,
California April 28, 2014. REUTERS/Lucy Nicholson
![](../images/ads/current/demay_inv-lda081412.png)
Sternlicht lived for years in Connecticut, a hub for hedge funds and home to
wealthy Wall Street bankers and investors.
Now looking back at his former home state, Sternlicht said that it is being
seriously hurt by high tax rates that are prompting many people to make a
lifestyle decision and move.
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(Reporting by Svea Herbst-Bayliss and Lawrence Delevingne; Editing by Steve
Orlofsky)
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