'Donnamu Unni' Cathie Wood Also 'Leaving New York'... Ark Headquarters Moving to Florida

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] Cathie Wood, founder of the U.S. asset management firm ARK Investment, widely known among domestic investors as "Donnamu Unni" (Money Tree Sister) and popular among "Seohak Ants," announced plans to relocate the company's headquarters from New York to Florida.

The Wall Street Journal (WSJ) reported on the 6th (local time) that Wood announced plans to permanently close the New York headquarters and move the headquarters to St. Petersburg, Florida, by the end of this month.

In a statement, Wood said, "ARK is not a traditional Wall Street asset management firm," adding, "We want to break the mold further by relocating to St. Petersburg, a city that invests in technology, science, and innovation."

The company stated that most employees will move to St. Petersburg and that they plan to use a larger office than the current building to expand their scale.

WSJ noted that since launching its first fund in 2014, Wood has consistently tried to align more with the spirit of Silicon Valley rather than traditional Wall Street financial firms.

In fact, Wood has invested in innovative companies such as the U.S. electric vehicle company Tesla and cryptocurrencies. Last year, some of ARK Investment's exchange-traded funds (ETFs) more than doubled, making the company one of the top performers on Wall Street.

Additionally, ARK Investment announced plans to open an innovation center in Florida and strengthen investments in startups.

According to the company, the innovation center will be built on land donated by the St. Petersburg city government and is scheduled to open in July 2023.

ARK Investment plans to use the innovation center to strengthen relationships with local companies as well as technology startups.

This move to Florida by ARK Investment comes amid a trend of some companies moving away from New York.

CNBC reported in April that some Wall Street firms are planning to leave New York as the state pursues a "wealth tax" increase.

Unlike New York, Florida has no personal income tax or capital gains tax.

Previously, Starwood Capital decided to relocate its headquarters to Miami, and Blackstone was reported to have signed a lease for an office in Miami.

Goldman Sachs is reportedly considering moving its core asset management division to Florida, and Deutsche Bank is also reportedly considering relocating about half of its Manhattan employees to other cities.

Wood previously attracted significant attention domestically as well. Her name (Cathie) sounds like "cash," which inspired her nickname "Donnamu Unni" (Money Tree Sister).

This content was produced with the assistance of AI translation services.