Many senior New York hedge fund professionals are planning eventual relocations to Miami once their children leave for college, according to a report by eFinancial Careers citing veteran hedge fund recruiter Claude Schwab.

The founder of The Kronor Group and former talent strategist at Bridgewater says that there are many Portfolio Managers, now in their 50s, who came up through banking and the multi-strategy hedge fund boom, who are increasingly open to relocating once family obligations ease.

Schwab says these executives are biding their time before uprooting families, balancing career, lifestyle, and tax considerations.

Florida is actively positioning itself to attract hedge fund talent with Citadel, Point72, Millennium, and Schonfeld establishing significant operations in the state. Schwab points out that while the state is growing its homegrown hedge fund sector – including firms like Voloridge Investment Management – it still hires heavily from New York, particularly for portfolio managers, analysts, and technology roles. Over the past year, roughly 25% of talent moves to Florida were in quant and software positions, with another 25% for investment roles.