The recent departures of some major investment firms from New York have resulted in nearly $1 trillion in combined assets under management that are no longer based in the largest U.S. city, according to a new report.
And New York isn’t alone. California investment firms decamping to other states over the past several years, with Texas as the top destination, also managed nearly $1 trillion in combined assets.
Around 158 companies managing $993 billion in assets, including AllianceBernstein and Elliott Management, moved their headquarters out of New York to states including Florida and Tennessee from the first quarter of 2020 to early 2023, according to a Bloomberg study of corporate filings from more than 17,000 firms since the end of 2019. New York alone accounted for 56 of the 104 financial services firms that moved to Florida in that time, the study found.