ARK Invest expects more than just sunshine when moving to St. Petersburg

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New York has long been the epicenter of the domestic financial services landscape. Let Cathie Woods ARK Investment Management disrupt that notion.

Known as a pioneer in disruptive growth investing and bringing this style to the masses, the exchange traded funds issuer announced last week that it was leaving the Big Apple for St. Petersburg, Florida. The move will take place on November 1st and at the beginning of next year ARK will break the ground for the ARK Innovation Center.

“This state-of-the-art facility will retain and attract top talent by supporting entrepreneurs and tech startups in St. Petersburg and the Tampa Bay area.” according to the statement published by ARK.

In confirmation of ARK’s commitment to the Greater Tampa Bay Area, the ARK Innovation Center is expected to be a valued economic $ 28 million impact and create almost 1,300 direct and indirect jobs. While San Francisco, San Jose, Austin and, more recently, Miami are considered the major technology centers of the United States, St. Petersburg could be the “Austin of Florida”.

Tampa is an emerging technology hub in itself, and St. Petersburg is home to a vibrant business community and a growing number of STEM professionals, and there are several universities in the wider area.

“The city of St. Petersburg has the largest financial services cluster in the state and the largest marine research center in the south. St. Petersburg anchors the Florida high-tech corridor , which ranks in the top 6 high-tech employment centers in the country and comprises more than half of the state’s high-tech companies. These qualities ensure a superior workforce and the ability to quickly build an extensive network of business partners. ” to Destination Tampa Bay.

In keeping with ARK’s investment style, St. Petersburg itself is growing rapidly. The population is there from mid-2010 to June 2019 swelled by 8.2%, according to the US Census Bureau.

“ARK is not a traditional Wall Street asset management company and we look forward to taking the next step by moving to St. Petersburg, a city that invests in technology, science and innovation,” said Wood in the explanation. “Our move and the ARK Innovation Center will allow us to be more innovative and impact the wider community while at the same time highlighting the technological advancement and creativity that pervade the Tampa Bay area.”

ARK, which issues six actively managed and two index-based ETFs, had $ 39.49 billion in ETF assets under management on October 14.

More news, information and strategies can be found in the Disruptive Technology Channel.

The opinions and forecasts expressed herein are solely those of Tom Lydon and cannot actually occur. The information on this website should not be used or construed as an offer to sell, solicitation to buy, or recommendation of any product.


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