By Hema Parmar and Gillian Tan
(Bloomberg) — Private equity firm Siris Capital Group is adding an office in Florida, becoming the latest New York-based firm to embrace the Sunshine State and its lower taxes.
The new hub, in Palm Beach, is set to open this month, according to a Siris spokesman. The technology and telecommunications-focused firm also has offices in New York City and Palo Alto, California.
“We believe the opening of our Florida office is a logical move that will allow Siris to capture new opportunities and further tap into the region’s talent and business ecosystem, while offering our employees a more flexible working environment,” the spokesman said in an emailed statement Wednesday. The firm remains committed to maintaining a strong presence in New York and California, he said.
The addition follows Siris co-founder Frank Baker’s $32 million purchase earlier this year of an oceanfront mansion in Palm Beach.
Financial firms have been establishing satellite offices in Florida or moving there entirely in the wake of the Covid-19 pandemic. The most recent among them is Cathie Wood’s Ark Investment Management, which announced plans to close its New York City office and move to St. Petersburg. Meanwhile, hedge funds including Millennium Management and D1 Capital Partners have set up hubs in the state.