Goldman Sachs may move at least some parts of its asset management unit to Florida

Reports confirm that Goldman Sachs has explored moving some or all of its asset management unit (generates $8 billion in annual revenue) to Florida. Executives have been scouting office locations in South Florida, reportedly areas around Miami. Goldman already has operations like investor relations team in Dallas and its Marcus consumer-lending division is in Salt Lake City.

A spokesman for GS said that it is “executing on the strategy of locating more jobs in high value locations throughout the U.S.,” but it has “no specific plans to announce at this time.”

Elliott Management plans to move its headquarters from Midtown Manhattan to West Palm Beach, and Citadel and Blackstone are also expanding in the state. The lifestyle appeals to some financial high-rollers, who can keep East Coast hours while benefiting from warmer weather, palatial homes near the beach and no state income tax.

A decision to create a GS central location in Florida could include back-office staff but also some investment professionals and would be carried out over time.

Manhattan now has the most office space available since the aftermath of the Sept. 11 attacks. AllianceBernstein Holding LP started the shift pre pandemic in 2018 with plans to move its headquarters to Nashville.

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Economics, Finance and Investing