One American city is quietly growing from second- to first-tier status for hedge fund jobs and as a financial capital, on a par with New York and Chicago. The growth is driven by an influx of Latin American immigrants and close connections to South American business.
That center is Miami. The city is now so plugged into Latin American business that is has been ranked number one by AméricaEconomiamagazine as the best city in which to do business in Latin America, according to South Florida Hedge Fund Manager.
The city has the country’s second-largest concentration of domestic and international banks after New York, including the big familiar names such as Goldman Sachs and Morgan Stanley. In addition, it has a growing concentration of financial support services for hedge funds and a broad range of talent.
“If you talk to the hedge fund managers in Florida, they’ll tell you…you don’t need to be in New York anymore,” says Carlos Deupi, president of The Miami Finance Forum. “A lot of people down here, they’re from New York, Connecticut, they moved down here for a lifestyle change, they like the weather, they like the fact that Miami is a connection point with Latin America and New York. Now, in January, February, a lot of the New York hedge fund managers come down here, they come for conferences, they come on vacations.”
In addition to a large Hispanic population from Mexico and Central America, there has been a mass exodus of Venezuelan-based business owners to Miami in the past 10 years. These business owners manage their money and invest in Florida, while maintaining their connections to family and associates back in Venezuela.
In addition to the good pay, it also helps that Miami has direct flights to Mexico City, Caracas, Buenos Aires, Rio, Sao Paolo, and many other Latin American destinations.
The Miami Financial Forum headed by Carlos Deupi brings Miami’s financial industry leaders together throughout the year for both social and educational events. It might be a good starting point for learning more about hedge fund jobs in Miami.
What’s your take? Could you see yourself opening an office or taking a hedge fund job in Miami? Add your comments below.