Family Offices and Hedge Funds Seduced by Miami’s Rebound
With the assessment given by family offices and fund managers who attended the recent Opalesque Florida Roundtable, the city of Miami has evolved impressively since the 2008 economic depression.
Nitin Motwani, one of the managing principal of Miami World Center said, "Miami is now part of the top 10 places globally where wealthy people want to own a home or live. It's a place where working, young professionals want to be and pursue a career in technology, finance or in a hedge fund. We have seen great local success stories. Bayview Asset Management has grown to almost $5bn under management. Bruce Berkowitz has had huge success in raising capital reaching over $12bn."
He added that in 2009, Miami World Center set up a private equity fund called Encore. The first fund now has $200m in assets and the second fund has $500m in assets under management. Interestingly, Motwani said that a number of local Miami family offices have invested in their second fund who were not yet in Florida when the fund was launched in 2009.Source: Opalesque