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Business/Financial Services FOR ERIC BECKER and Avy Stein, co-founders and
chairmen of Cresset Wealth Advisors, opening a West Palm Beach office was a natural choice. Both were already residents of Palm Beach County with extensive experience in private equity investment and a firsthand understanding of the region’s business/financial services market. “Soon after opening our Chicago office in January, we opened a temporary office in the Flagler Financial District,” said Becker. “By this fall, we will have a permanent office that can accommodate about 30 people, with plenty of space for team collaboration and client meetings.” Becker and Stein have already tapped the region’s deep financial services talent pool to bring in Doug Regan as chief executive officer and Jack Ablin as chief investment officer. “We offer concierge wealth management services including access to a robust platform for private investment in business and real estate,” Becker said. “Our firm already has more than $2 billion in assets under management, and we are very excited about growing our presence here.” Financial and business services firms continue to flock to Palm Beach County for a variety of reasons. “Companies from the Northeast are constantly contacting us,” said Kelly Smallridge, BDB president and CEO, noting that Florida has no personal income tax, lower operating expenses and convenient flights to New York City. Recent arrivals include private equity funds, hedge funds, asset managers and other financial firms, such as Affinia Capital, a boutique consultancy in Palm Beach that assists in structuring and raising capital for middle market companies and projects, and Chatham Lodging Trust, a real estate investment trust (REIT) based in West Palm Beach.
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PROFILE PALM BEACH COUNTY BUSINESS | BDB.ORG
To support the incoming flow of companies and provide access to global wealth and investment markets, the City of West Palm Beach is investing in the Flagler Financial District, which is served by a new, powerful fiber-optic network. More than 230 financial services firms are incorporated in the city, according to Christopher Roog, director of economic development.
BUSINESS/FINANCIAL SERVICES Nearly 24 percent of all jobs in Palm Beach County are in business and financial services, including banking, wealth management, corporate finance, accounting, legal, advertising, architecture and other professional service firms.
LEADING COMPANIES Affiliated Managers Group Bank of America BDO Chatham Lodging Trust Comvest Partners DRB Capital DSM Capital Partners Fortress Investment Group GenSpring Family Offices Graham Capital Intech Janus Capital Group Paul Tudor Jones SkyBridge Capital Sun Capital Partners, Inc. TD Bank Voloridge Investment Management Wexford Capital Wells Fargo