Larry Robbins, the billionaire CEO of Glenview Capital Management, is making waves with his decision to relocate to Florida while maintaining his firm’s professional base in New York. This move is a departure from the typical trend of financial leaders moving away from New York, reflecting Robbins’s desire to balance his family’s needs with his commitment to New York’s financial ecosystem.
In a Bloomberg interview, Robbins expressed his concerns about New York’s future, stating, “I know of no business that has generated long-term success by driving away its highest-paying customers.” This sentiment underscores his belief in the importance of retaining top earners in the city.
Despite his relocation, Robbins assures stakeholders that Glenview Capital Management’s operations and its approximately 53 employees will remain unaffected in New York. The firm, which manages assets worth $2.3 billion, has recently demonstrated strong performance, achieving a 16.6% gain in the first quarter. Robbins emphasizes that his decision to move is motivated by personal considerations for his family’s well-being and an improved lifestyle rather than fiscal or political reasons.
“Unless we solve the big problem of driving high earners away from New York City, this challenge will be a persistent headwind for decades to come,” Robbins warned, highlighting the importance of addressing underlying issues to ensure the city’s long-term prosperity.
He also stresses the significance of fostering a philanthropic spirit among the city’s younger, financially successful individuals to address growing inequalities and ensure a vibrant, giving community.
In Florida, Robbins is actively engaged with the Palm Beach North Athletic Foundation to establish a $40 million ice hockey facility. This initiative underscores his commitment to community development beyond New York, aiming to promote local interest in ice hockey and sports education. The project, supported by private funds and the involvement of Wayne Gretzky’s son Ty, aligns with Robbins’s broader vision for social impact and community engagement.
Robbins’s decision reflects a broader trend among financial leaders relocating to Florida, with notable examples like Ken Griffin relocating Citadel from Chicago to Miami due to safety concerns in Chicago. Florida has emerged as a favorable destination for corporate relocations, experiencing an 86% increase in companies moving their headquarters to the state compared to those leaving. This trend reflects a shift in the business landscape favoring states perceived as more business-friendly, with Texas and Arizona also attracting significant corporate relocations. Meanwhile, states like New York, California, and Washington have witnessed higher rates of companies moving their headquarters out, signaling broader shifts in economic dynamics and regional competitiveness.