Goldman Sachs Group Inc (GS)

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Goldman Sachs Mulls Moving Asset Management HQ to Florida: Report
By: TheStreet | December 7, 2020

• The draw of Florida is its lack of an income tax, pleasant lifestyle and lower costs.

Banking titan Goldman Sachs (GS) reportedly is considering moving its asset management headquarters to South Florida from New York City, joining the pilgrimage of investment firms to the Sunshine State.

The news came from knowledgeable sources who spoke to Bloomberg. Goldman is considering the Fort Lauderdale area and Palm Beach County, they said. Dallas is another possibility.

News emerged in October that activist investment firm Elliott Management, led by Paul Singer, is shifting its base to West Palm Beach, Fla. from Manhattan. Stephen Schwarzman’s Blackstone (BX) and Ken Griffin’s Citadel have also boosted their headcount in Florida.

The draw of Florida is its lack of an income tax, pleasant lifestyle and lower costs. The coronavirus pandemic that has decimated the Northeast also is pushing investment firms south.

The departures are obviously bad news for New York City, which depends on financial services for a significant amount of its economic activity.

In response to questions about its plans, a Goldman spokesman told Bloomberg that “we are executing on the strategy of locating more jobs in high-value locations throughout the U.S., but we have no specific plans to announce at this time." Goldman's asset-management unit generates $8 billion in annual revenue, according to the news service.

Goldman shares recently traded at $238.50, down 0.45%. They have risen 4.2% year to date -- soaring 27% since Oct. 30 -- as the company seeks to reboot under its latest CEO David Solomon.

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