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
