D1’s Sundheim Becomes Latest Hedge Fund Boss to Move to Florida
(Bloomberg) -- Dan Sundheim, who runs the $20 billion D1 Capital Partners, has decided to relocate to Florida and will open an office in Miami.
Some senior staffers at D1 are also moving to the area, according to a person familiar with the firm’s plans. D1 will keep its New York office, the person said. The firm has a third office in Hong Kong.
Sundheim, who has family in the Sunshine State, has been there since the fall and recently decided to make the move permanent. He joins several wealthy hedge fund managers -- including some senior employees at Elliott Management Corp. and Tiger Global Management -- who decamped to Florida at the height of the Covid-19 pandemic and plan to remain there. Some money managers, however, are starting to return to New York as vaccination rates rise and the city opens up.
A representative for Sundheim declined to comment.
Florida has no state income tax, and the threat of a tax increase in New York may have helped fuel a small increase in people moving to Miami and Palm Beach last year. In 2020, 2,246 people filed a permanent address change from Manhattan to Miami-Dade County and 1,741 went to Palm Beach County, according to U.S. Postal Service data. Together they accounted for 9% of the out-of-state moves from the borough, up from 6% in 2019.
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