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Wall Street Flocks to Florida

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  • Description

    FBN’s Cheryl Casone with Evan Rapoport, HedgeCo Networks CEO, on why new funds are coming to Florida.

  • Duration 3:02
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Exactly it's actually a Florida hey -- We'll Tracy at should've brought you with me next time -- -- trade finance I had to tell you.

When you look at these state of the Florida economy right now and LB -- in the Florida is getting it's surprising the fact this.

Because of the low tax about it no personal income taxes paid only one of seven states in this nation that does that.

Many businesses -- -- come here but in particular the tristate area New York -- in New Jersey Connecticut.

Those businesses want to come down here.

Hedge funds what's.

Calm down here to think well let me right now they'll all about that sentiment actually at seven Rappaport is the CEO of -- -- rattling work for the president and CEO.

Of -- -- -- -- welcome thank you are right now I do want to thank you.

You're telling -- evident that between 2000 ninths 2013 be influx of hedge funds that are setting up shop in West Palm Beach -- where -- -- Is astounding what do the numbers.

Absolutely has been substantial so we said about a 20% growth year over year.

From 2002013.

And actually the first three quarters of this year received 56 new funds start -- which is a record for the last five years -- -- it's been substantial.

-- and also evident -- you've just got here what eight months ago correct.

And he got to the -- down from New York City don't want it won't let me what what clinched the deal -- -- -- seventeen years on Wall Street.

And it was really it did two pronged approach.

From a for from a personal side I -- want to see my family.

-- wanted to have a healthy marriage know my wife know my children I was leaving my house of roughly 4:30 in the morning getting -- which we need midnight and missing my children grow up.

And that's something that I did not want -- -- on but more importantly professionally.

There's an institutional growth going on down here in South Florida and evident built the business that -- -- that was incredibly attractive.

We're with an institutional background -- can leverage that skill set of those relationships.

And be on the cutting edge of some growth going on here on any talk about 307 funds that are currently operating in Florida and you're tracking their performance and they're doing pretty darn well double digit return -- OK so we -- -- seven funds from Florida which are about 8100 funds in total on the kitco dot net database we've got about 38000 active users.

But come on to that database the source -- that would be appropriate for their -- -- What and a heavy investments changing do you think coming next have to ask -- significant hedge funds -- we should say do not like to.

-- television -- -- -- -- collapse of thank you very much so so the investments are getting larger I think -- -- a lot more pension funds and into the hedge fund world a lot of more all of or endowments that.

A -- it's more sizeable allegations coming from the institutions.

And of course kinda worth continue to be active -- -- -- -- -- forty CB industry going in Florida now that your on the ground you've -- -- must but it biggest.

Not sure and I think we're gonna continue to see a rapid growth like Evan alluded to about 20% year over year growth.

I think that number's gonna continue to growing evidence substantially larger than that 20%.

All right eleven Rappaport rattling -- both the hedge hedge on the thank you for being here on our lovely sunny day of course there but you don't bat an avid my that is picking up your wife.

-- -- -- -- All right the -- Ashley now this wraps it up.

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