Cathie Wood moves ARK investment manager to Florida
Star stock picker Cathie Wood’s latest move is to Florida.
His company, ARK Investment Management LLC, said on Wednesday that it will close its New York headquarters permanently at the end of the month and move to St. Petersburg, Fla. On November 1. Known for its line of exchange-traded funds that invest in companies deemed disruptive and innovative in their industries, ARK said it aims to deepen ties with local entrepreneurs and tech startups by also building an innovation hub.
“ARK is not a traditional Wall Street asset management company and we look forward to breaking the mold further by moving to St. Petersburg, a city that invests in technology, science and innovation,” said Ms Wood said in a statement.
Since launching the first ARK funds in 2014, Ms. Wood has repeatedly sought to align closely in spirit and practice with the vibe of Silicon Valley rather than the traditional Wall Street financial firms that she had cut her teeth. She made cheeky bets on stocks like Tesla Inc.
and cryptocurrencies, leading to one of the best fund manager performances last year. Several of its ETFs more than doubled in 2020, taking advantage of the focus on technology and growth during the Covid-19 pandemic.
Extending this hot streak proved difficult; this year, ARK’s Innovation ETF has fallen into its own bear market, losing 32% from its high in mid-February. For the year, the fund is down 12%.
Most of ARK’s small staff will move to its St. Petersburg office, the company said, and it plans to use the larger space to expand. ARK added that it also welcomes employees who prefer to work remotely.
As for the ARK Innovation Center, the company said it plans to open the facility in July 2023. It will be located on 2.5 acres of property donated by the city of St. Petersburg.
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