Another Billionaire Hedge Fund Manager Ditches New York And Moves To Florida — Says NYC Is 'Driving High Earners Away'

Larry Robbins, the billionaire CEO of Glenview Capital Management, is charting a distinctive path by moving to Florida while maintaining his professional base in New York. 

In a deviation from the typical trend of financial leaders relocating, Robbins aims to balance his family's needs with his commitment to New York's financial ecosystem. 

"I know of no business that has generated long-term success by driving away its highest-paying customers," Robbins said during a Bloomberg interview, underscoring his concerns for New York's future.

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Despite his relocation, Robbins is adamant that his firm's operations and its approximately 53 employees will remain unshaken in New York. Glenview Capital Management, overseeing $2.3 billion, has seen a strong performance recently, marking a 16.6% gain in the first quarter. Robbins's move is motivated by personal considerations for his family's well-being and an improved lifestyle, rather than fiscal or political reasons, according to Bloomberg.

"Unless we solve the big problem of driving high earners away from New York City, this challenge will be a persistent headwind for decades to come," Robbins told Bloomberg.

He stressed the importance of nurturing a philanthropic spirit among the city's younger, financially successful people to address growing inequalities and ensure a vibrant, giving community.

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In Florida, Robbins's engagement with the Palm Beach North Athletic Foundation to establish a $40 million ice hockey facility signifies his commitment to community development beyond New York. The project, benefiting from private funds and the involvement of Wayne Gretzky's son Ty, aims to foster local interest in ice hockey and sports education.

Robbins's move mirrors a broader trend among financial leaders relocating to Florida. This trend was notably preceded by Ken Griffin's decision to relocate Citadel from Chicago to Miami, largely because of safety concerns in Chicago, including violent incidents affecting Griffin and his employees.

Florida saw an 86% increase in companies moving their headquarters to the state compared to those leaving, leading the nation in corporate relocations, according to data. 

Texas and Arizona also attracted a significant number of corporate relocations, while Washington, New York and California saw the highest rates of companies moving their headquarters out, highlighting a shift in the business landscape favoring states perceived as more business-friendly.

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