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Star stock picker Cathie Wood moves NYC firm to Florida

October 6, 2021 GMT

ST. PETERSBURG, Fla. (AP) — A star stock picker who focuses on innovative companies is leaving New York City and relocating her asset management firm to Florida.

Cathie Wood is a well-known analyst, and founder and CEO of ARK Investment Management LLC. The company said in a news release that the new headquarters will be opening in downtown St. Petersburg, Florida, on Nov. 1.

“We believe the Tampa Bay region’s talent, innovative spirit, and quality of life will accelerate our growth initiatives,” Wood said in the release.

The company said a substantial number of employees have chosen to relocate and work in the office, but also added that its hybrid back-to-work model as a result of the coronavirus pandemic will allow employees to work from other locations and enjoy “a better work-life balance.”

The firm had $84 billion worth of assets under management as of June 30. Wood is known for spotting emerging companies in technology and the biotech industry and has built a following on social media. ARK’s funds have been among the biggest investors in companies such as Tesla and Zoom.

ARK is also collaborating with local governments on a center that will be built and owned by Pinellas County on a property donated by the City of St. Petersburg. The firm said it will open in 2022 “to retain and attract top talent” and is expected to add hundreds of jobs by 2026.