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Portfolio > Economy & Markets > Economic Trends

Cathie Wood’s Ark Leaving New York for Florida

By Janet Levaux

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What You Need to Know

  • The firm will open its new headquarters on Nov. 1 in St. Petersburg, which is home to Raymond James and Dynasty Financial.

Ark Investment Management, which is led by Cathie Wood, says it is closing its New York office this month and moving its headquarters to St. Petersburg, Florida, where it will welcome staff on Nov. 1.

As part of the move, the company is planning to break ground on the Ark Innovation Center in the first quarter of 2022. The goal of the new facility, set to open in July 2023, is to bring “top talent” to the Tampa Bay area through support for entrepreneurs and tech startups.

“We are thrilled to relocate our corporate headquarters to St. Petersburg, Florida, as we believe the Tampa Bay region’s talent, innovative spirit, and quality of life will accelerate our growth initiatives,” according to to Wood.

Ark’s corporate operations will be based in downtown St. Petersburg at 200 Central, not far from the headquarters of Raymond James and Dynasty Financial Partners.

“The space will enable Ark to scale while its team enjoys a better work-life balance,” the firm said in a press release. “While a substantial number of employees have chosen to relocate and work in the office, Ark’s hybrid back-to-work model will harness technology to accommodate working remotely.”

Ark’s eight exchange-traded funds currently have about $38.5 billion in assets, and their average expense ratio is 0.71%, according to ETF.com.

“Ark is not a traditional Wall Street asset management firm, and we are looking forward to breaking the mold further by relocating to St. Petersburg, a city investing in technology, science, and innovation,” Wood explained in a statement.

“Our relocation and the Ark Innovation Center will allow us to be more innovative and to impact the broader community while shining a spotlight on the technological advances and creativity permeating the Tampa Bay region,” she added.

Janet Levaux

@Think_JanetL

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