Bloomberg Forum Highlights Miami's Growth as a Financial Center

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Dec 07, 2021, 09:11 ET

NEW YORK, Dec. 7, 2021 /PRNewswire/ -- The increase of financial firms moving to Florida might make Miami the Wall Street of the South, according to speakers at Bloomberg's recent forum, "The New Miami".

Financial firms are attracted by the warmer weather and lower taxes, said the business and government leaders who spoke at the event, held to discuss how economic and political shifts are affecting Miami, as well as cities across the world.

"Ensuring that Miami can meet the challenges of climate change, the COVID-19 pandemic and an evolving economy will take strong leadership and innovation," said Michael R. Bloomberg, Founder, Bloomberg L.P. "Miami's strength as a financial center, a leader in sustainability and a thriving creative hub are enormous assets, and Friday's discussions suggest that the city is working hard to capitalize on them," he added.

Miami Mayor Francis X. Suarez said, "We are witnessing Miami's metamorphosis," and when "cities work, America works." Cities can't ignore innovation any more than they can ignore climate change, he said, adding, "They can pretend it doesn't exist or they can face those realities, embrace that disruption, and embrace the change."

Cathie Wood, the Founder, CEO and CIO, ARK Investment Management, which has $10 billion in assets under management, said that they are moving employees to Florida and that could help with talent retention. She participated in a panel discussion with Jorge Pérez, Founder, Chairman and CEO of The Related Group, and Zach Dexter, CEO of FTX US Derivatives. The discussion was moderated by Erik Schatzker, Bloomberg TV Editor-at-Large.

Education, infrastructure, and governments working together with the private sector are fundamental to secure Miami's growth, attract investment and talent, said Barry S. Sternlicht, Chairman and CEO, Starwood Capital Group.

Art and culture are playing a vital role in the growth of Miami, said Amy Cappellazzo, Founding Partner, Art Intelligence Global LLC, and Franklin Sirmans, Director of the Pérez Art Museum Miami (PAMM), a Bloomberg cultural partner, where the event was held. The discussion was moderated by Nathan Crooks, Bloomberg News.

"The New Miami" is the latest Bloomberg forum to bring government, regulators and business leaders together to discuss issues -- such as the COVID-19 pandemic, a new US administration, and international trade flows. Similar forums have been held in Frankfurt, GIFT City, India and London.

To replay "The New Miami" event, click on this link and register.

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SOURCE Bloomberg