PBHFA's AUGUST 2022 MISSIVE |
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We Welcome Rick Reider & BlackRock To West Palm!!
As we forecasted back in 2013, the world's top money management firms continue the migratory surge to South Florida & Palm Beach County, in particular!
The latest announcement of Black Rock's Fixed Income Chief, Rick Reider, opening up shop in West Palm continues the trend. Talk about incredible news for our region! Check out the Real Deal article below
Investment management behemoth BlackRock is heading to downtown West Palm Beach, marking a continuation of New York financial firms’ migration to South Florida.
Larry Fink’s company subleased 5,000 square feet at the 360 Rosemary building, which was developed by Stephen Ross’ Related Companies, The Wall Street Journal reported. The new location has been nicknamed the “snowbird office” among company employees.
The 20-story building was completed last year and is fully leased. Tenants reportedly include Paul Singer’s hedge fund Elliott Management, Goldman Sachs Group and Steven Cohen’s Point72 Asset Management, according to people familiar with the matter. (A Related Southeast representative has previously declined to confirm these as tenants to The Real Deal.)
About 35 BlackRock employees are expected to move in early next year, although more from the New York headquarters could join them.
Rick Rieder, who is the company’s head of fixed income and owns property in Palm Beach County, also is expected to work in this office when in Florida.......
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Several webinar & live deal making social dates remain open for sponsorship this season.
Partnership Inquiries Contact::
email by clicking above or call anytime!
561.349.7300
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Members, Join Us On August 25th At Joia Beach with ARKHAUS!
You are cordially invited to join the Palm Beach Hedge Fund Association at a deal-making social with our exclusive partner ARKHAUS on August 25th!
We are thrilled to partner with the innovative social club ARKHAUS and share this amazing opportunity with our members.
The company is building a network of "floating" private members' clubs, with the first location slated to launch in Miami waters. You may have seen the famed Arkup 75 "Livable Yacht" in Miami (or on Netflix).
In early 2023, ARKHAUS will connect 4 * Arkup 40 yachts together to form a next-generation floating members' club and then expand to 7 cities globally to compete with only 1 other global membership club (Soho House). More information can be found below the invite or we can connect you to the founders in advance of the event.
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Miami's Financial Gold Rush Strains City
From his new office in Miami Beach, real-estate investor Barry Sternlicht
is only steps from the ocean. His waterfront mansion is just a short drive away. Cold winters and state income taxes are a thing of the past now that he has relocated here from Connecticut.
Mr. Sternlicht, known for launching the trendsetting W Hotel brand, moved his Starwood Capital Group to the city in 2018. He’s part of a booming migration of financial firms, technology companies and venture capitalists that has gained momentum in the years since then, as more firms abandon the Northeast, Midwest and West Coast for the daily pleasures of South Florida life and its friendlier business climate...
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PBHFA's Partner VIRTU Financial's
Second Quarter
NEW YORK, NY, July 28, 2022 - Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the second quarter ended June 30, 2022.
Second Quarter 2022: • Net income of $148.9 million; Normalized Adjusted Net Income1 of $129.9 million • Basic and diluted earnings per share of $0.78; Normalized Adjusted EPS1 of $0.73 • Total revenues of $604.7 million; Trading income, net, of $395.9 million; Adjusted Net Trading Income1 of $357.4 million • Adjusted EBITDA1 of $209.3 million; Adjusted EBITDA Margin1 of 58.6% • Share buybacks of $47.5 million, or 1.8 million shares, under the Share Repurchase Program2
Total revenues increased 10.2% to $604.7 million for this quarter, compared to $549.0 million for the same period in 2021. Trading income, net, increased to $395.9 million for the quarter compared to $384.8 million for the same period in 2021. Other, net, increased to $41.7 million for this quarter, compared to $11.5 million, for the same period in 2021, primarily due to gains on strategic investments.
Net income totaled $148.9 million for this quarter, compared to net income of $108.9 million in the prior year quarter. Basic and diluted earnings per share for this quarter were both $0.78, compared to a basic and diluted earnings per share of $0.51 and $0.50, respectively, for the same period in 2021. Adjusted Net Trading Income increased 4.5% to $357.4 million for this quarter, compared to $341.8 million for the same period in 2021. Adjusted EBITDA increased 6.1% to $209.3 million for this quarter, compared to $197.3 million for the same period in 2021. Normalized Adjusted Net Income, removing one-time and non-cash.....
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West Palm Beach Now Wall Street South?
When the coronavirus pandemic began in March 2020, a number of hedge fund and private equity firms opened offices in South Florida to escape cold and crowded cities in the Northeast.
Many temporarily leased space in West Palm Beach, eventually signing on to the newest building in town, 360 Rosemary, a 20-story modern office tower completed last year by Related Cos. of New York.
Since its opening, 360 Rosemary has filled up with big-name financial tenants. They include Goldman Sachs, Steve Cohen's Point 72 Asset Management, and Paul Singer's Elliott Management.
It's not yet clear which 360 Rosemary tenant is subleasing 5,000 square feet of space to BlackRock.
While some companies landed at downtown West Palm Beach office buildings during the pandemic, other financial firms found different accommodations. For a year during the pandemic, Griffin operated a temporary Palm Beach trading floor for Citadel Securities by leasing out the Four Seasons Palm Beach Ocean Resort.
A number of financial executives also worked remotely from newly-purchased Palm Beach County homes, creating a new roster of wealthy homebuyers once tied to offices elsewhere in the country....
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Citadel Takes Six Floors at 830 Brickell for Temporary Miami Base
Ken Griffin’s Citadel continues its South Florida takeover, setting up a temporary base in 830 Brickell, Miami’s trophy office development, while the hedge fund builds its own headquarters.
The hedge fund inked a 90,000-square-foot lease, spanning six floors, at the 55-story office tower that Cain International and Oko Group are developing, which is slated to be completed later this year, Bloomberg reported. ...
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Do Good With PBHFA's Gear For Good!
After receiving multiple requests for PBHFA.org gear, we decided to offer a selection of merchandise.
PBHFA’s Gear For Good includes a limited selection of hats, sweatshirts, polos, & t-shirts as the initial offerings for our members and supporters. The selection will be updated and changed every few months to keep things fresh.
We are open to your suggestions as to the style of gear you want us to carry!
We decided to make this a worthwhile endeavor by donating 100% of the profits to a carefully curated selection of Palm Beach & South Florida charities.
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Check Out Our Webinar Series Below!
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