As New York City grapples with the COVID-19 pandemic, its status as a financial hub is slowly eroding in the eyes of several businesses, among them Marathon Asset Management. Citing the coronavirus pandemic along with New York City’s high costs, the investment firm has decided to open a new office in Miami, Florida.
In an interview with Bloomberg Television, Marathon Chief Executive Officer Bruce Richards explained that working out of the Miami office will be an option for numerous employees. While the investing team will remain rooted in New York City, non-investment focused individuals may receive the opportunity to relocate to South Florida.
While Richards reiterated that he remains “committed to New York City”, he explained that New York City is no longer as attractive as it once was to businesses, particularly due to its high levels of crime and steep taxes.
Marathon is just one of several investment management companies that have decided to expand beyond New York City in recent times. It follows the likes of Balyasny Asset Management and Bluecrest Capital Management, both of whom were looking to escape the Coronavirus issues faced by New York City, where an increasing volume of office workers are being pushed to work from home.
