Gundlach Is Moving DoubleLine's $134 Billion Money Management Arm To Florida, From California
Jeff Gundlach is the latest in a long line of asset managers that are moving operations to Florida.
Gundlach's DoubleLine Capital LP has moved its principal office, according to a report from Bloomberg this week. Formerly located in Glendale, California, the move tp Tampa comes after Gundlach has publicly complained about quality of life and taxes in California.
Gundlach isn't moving to Tampa, however. Regulatory filings this past week noted that “Key decisions impacting the policies and strategy of DoubleLine Capital” and board meetings will now all be made in Florida.
Taxes and quality of life in California have been gripes of the fund manager's for a while. Florida has served as a popular destination for many asset managers looking to leave major U.S. cities (mostly New York) to escape taxes and lack of law and order. Florida, famously, has no state income tax.
The company's employees have mostly been working remotely since Covid and have "flexibility" with regard to use of office space, the report says.
The company's L.A. location will supplement the Florida office with “personnel and resources necessary to support DoubleLine’s routine day-to-day business”.
Geoffrey Weinstein, an attorney at law firm Cole Schotz, talked about how easy it is to move a primary resident to Florida to reap the same tax benefits. He told Bloomberg: “The only income tax the partner would have to pay is anything related to California activity. There are probably going to be some major players that move to Tampa.”
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