Posted on 02/26/2022 9:16:15 PM PST by SeekAndFind
Jeff Gundlach is the latest in a long line of asset managers that are moving operations to Florida.
Gundlach's DoubleLine Capital LP has moved its principal office, according to a report from Bloomberg this week. Formerly located in Glendale, California, the move tp Tampa comes after Gundlach has publicly complained about quality of life and taxes in California.
Gundlach isn't moving to Tampa, however. Regulatory filings this past week noted that “Key decisions impacting the policies and strategy of DoubleLine Capital” and board meetings will now all be made in Florida.
Taxes and quality of life in California have been gripes of the fund manager's for a while. Florida has served as a popular destination for many asset managers looking to leave major U.S. cities (mostly New York) to escape taxes and lack of law and order. Florida, famously, has no state income tax.
The company's employees have mostly been working remotely since Covid and have "flexibility" with regard to use of office space, the report says.
The company's L.A. location will supplement the Florida office with “personnel and resources necessary to support DoubleLine’s routine day-to-day business”.
Geoffrey Weinstein, an attorney at law firm Cole Schotz, talked about how easy it is to move a primary resident to Florida to reap the same tax benefits. He told Bloomberg: “The only income tax the partner would have to pay is anything related to California activity. There are probably going to be some major players that move to Tampa.”
Welcome to Florida!
Next month I final pull up my Central FL stakes and move back to a small town in my home state of TN. It's a move that makes very good strategic sense, but it's going to hurt.
Tampa has its problems, but I still think it's the best metro area in the US, with a good business and family climate.
In the interest of your own self-preservation, if you’re too stupid to know why your old bed stunk, stay in California until you figure it out! (Hint: It wasn’t the fault of the bed, global warming, racism, or anything else. It was you, your childish world view, and your idiotic decisions based upon that world view that created the mess you find yourself laying in. Unless you’re willing to admit that everything you thought, felt, and believed was wrong, and to renounce all of it until the end of time, JUST STAY PUT! Thank you.)
My favorite sentiment is, “the weather is here,wish you were beautiful.” Haven’t seen that one for a while.
Mr. J. Buffett can turn a phrase!
I wish CA would get their act together. This season in Florida (and not even in the metro areas) traffic has been increasingly heavy. To the point of not wanting to even go out sometimes. I miss the medium to light traffic of 10 years ago.
And now with so much demand for Florida housing all kinds of new condos and construction is happening. Which means even more people and more traffic is coming.
I just wish CA, NY, NJ, MA IL, etc. could get their sh!t together to keep from spoiling what attracted me here in the first place, the nice weather and the slower pace.
A continuing invasion of Florida by more elite CA marxists in order to dilute the Florida voting structure...
Headline should be: “Communist Invasion of FL Continues”
#4 and move back to a small town in my home state of TN
Hmm. whisky drinker then. “The Duke” of Hazzard means you will be a moonshiner : )
I think I’d rather be running contraband from S. America. Far more exciting, and I need to spend more time on the water.
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