Another New York Hedge Funder Is Moving to Florida

The exodus continues: Larry Robbins, the hedge funder behind Glenview Capital Management, is moving from New York City to Florida.

The billionaire and his family will now call Hobe Sound home—but the CEO will continue to work from the Big Apple for the time being, he told Bloomberg on Wednesday, in his first interview since making investors aware of his plan. Glenview will also remain based in New York, and none of its 53 employees are being asked to move to the Sunshine State.

“We decided that if we wanted to relocate—now would be the time to do that, before their ties deepen,” Robbins said, referring to his young children, who are ages 8, 5, and 2.

While the family’s Hobe Sound home is being built, the Robbinses will reside in a Palm Beach Gardens mansion. Robbins, meanwhile, will commute to Manhattan beginning in August, observing Glenview’s policy of in-office work three days a week. During that time, he’ll live in the family’s home in Alpine, New Jersey.

Robbins’s move is just the latest example of the wealth migration out of New York City, which also includes big names such as Ken Griffin, the Citadel founder and CEO. Historically, New York has relied on its high-earning residents to help fund public efforts: In 2019, the top 1 percent of earners made up 40 percent of the city’s income-tax revenue, according to comptroller data cited by Bloomberg. In 2021, that jumped to almost half.

Robbins himself is worried about what the exodus means for New York’s lower-income residents, despite the fact that he’s perpetuating the trend. He has been involved with the anti-poverty charity Robin Hood Foundation for a while, and he told Bloomberg he’s particularly concerned about what the wealth migration will do to education funds in the city.

“I am in fear for New York’s most vulnerable to become victimized by the great migration,” Robbins said. “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 . . . The imbalance, the inequities, are in danger of growing.”

The hedge funder has already started investing in his new home base—he has teamed up with the Palm Beach North Athletic Foundation on a $40 million ice-hockey facility. But Robbins is still working to benefit New York as well: He’s remaining with the Robin Hood Foundation, and he helps raise funds for the city’s KIPP charter schools.