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.
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