The lead business section story in today’s New York Times profiles the 10 highest-earning hedge fund managers.  A quick Google search indicates that only three of the firms run by these superstars — Soros Fund Management, Paulson & Co., and Harbinger Capital Partners — are based in New York City.

Two others — Renaissance Technologies and Icahn Capital — are based in East Setauket, Long Island and White Plains, respectively.  The remaining five can be found in Connecticut (SAC Capital Advisors of Stamford and ESL Investments of Greenwich); Chatham, New Jersey (Appaloosa Management); Chicago, Illinois (Citadel Investment Group); and Houston, Texas (Centaurus Partners).

To be sure, most of these guys either have trading rooms or a personal pied-a-terre in Manhattan.  So they don’t totally escape New York taxes, but are certainly in a position to minimize them based on how much time they spend in the city.

Memo to tax-hungry New York lawmakers: a fabulously successful hedge fund can be anywhere.  Even Houston, Texas.

About the Author

E.J. McMahon

Edmund J. McMahon is Empire Center's founder and a senior fellow.

Read more by E.J. McMahon

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