We welcome billionaire hedge fund manager David Tepper’s Appaloosa Management to South Florida!
The latest large financial firm to establish itself in the Sunshine State is Appaloosa, the $18.6 billion hedge fund manager led by David Tepper. Appaloosa recently opened a small office on Washington Avenue in the heart of South Beach, the Miami area’s flagship vacation destination, according to public securities filings made this month and to people familiar with the situation.
Tepper, 58, a former Goldman Sachs junk bond trader who is worth an estimated $11.6 billion according to Forbes magazine, already owns an apartment in Miami Beach, according to public records. The Miami Beach office will have no permanent employees, according to a person familiar with the situation, and will be used when Tepper and others at the firm are nearby. Tepper has relatives in the Miami area.
While Appaloosa’s Miami Beach office is small, the move is a win for the region’s business development efforts. Palm Beach and Miami officials have aggressively courted U.S. Northeast-based financial firms for several years, recruiting them at industry conferences and taking them on local tours.
Nitin Motwani, a developer and board member of the Miami Downtown Development Authority, said the area’s educated workforce, cultural life, warm weather, low taxes and relatively cheap housing make Miami a desirable base.
“(Our) work to promote the city as a viable home for funds and their managers is gaining traction,” Motwani wrote in an email.