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December 7, 2020

Goldman Sachs plans new base in Florida for asset management unit

Goldman Sachs is reportedly planning to establish a new base in Florida to house its asset management arm.

Currently, company executives are exploring office locations in South Florida, engaging with local officials and assessing tax benefits for creating a base in the state, Bloomberg reported citing people familiar with the matter.

Particularly, the executives have scouted potential office space in north of Miami that includes places such as Palm Beach County and Fort Lauderdale.

However, no decision is finalised as the financial major is also considering Dallas in Texas as another option.

A spokesperson for Goldman Sachs told the publication in an emailed statement: “We are executing on the strategy of locating more jobs in high-value locations throughout the US, but we have no specific plans to announce at this time.”

The move, if finalised, will be a further blow to New York, which is regarded as the financial hub in the US.

Bloomberg noted that Manhattan in New York now has the most office space available since right after 9/11.

Several America businesses are lured to Florida due to warmer climate and tax advantages. Deutsche Bank already has a campus in Jacksonville, though it primarily supports back-office and other operations.

Generating around $8bn in annual revenue, Goldman’s asset management business is one of the key arms of the financial major.

The shift, if confirmed, will be gradual and will house back-office staff as well as some investment professionals.

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