DoubleLine Capital LP, the money management arm of investor and businessman Jeffrey Gundlach, has shifted its main office to Florida.
The location to Tampa, Florida
The company’s relocation from Glendale to Tampa was recently mentioned in the regulatory filings. The company’s spokeswoman did not clarify whether Gundlach has also relocated to Florida, a state that has no income tax.
As per Bloomberg News, the company, in its recent filing, said that all the key decisions of DoubleLine capital will now take place in the Sunshine state apart from its Board manager’s meetings.
Gundlach, 62, has long complained about California’s quality of life and taxes. The billionaire fund Manager can save millions of dollars by relocating to Florida. Several wealthy financiers have already moved to Florida from other locations, including New York, New Jersey, and California, where combined state and local taxes add double digits.
The employees of DoubleLine Capital have been working remotely since the coronavirus pandemic while having the flexibility to use the office space whenever needed, according to the spokeswoman who did not elaborate the reason for shifting its principal office that is presently located at 2002 N. Tampa Street.
Most of the company’s operation was carried out in the nearby Los Angeles office, which serves as the company’s headquarters even when the principal office of DoubleLine was in Glendale.
The Tampa office currently houses the money Management unit of Gundlach that handled #134 billion last year-end. In its January 11 filing, the company said that the Los Angles setup provided the necessary personnel and resources for supporting DoubleLine Day-to-day routine operations.
According to Geoffrey Weinstein, an attorney at Cole Schotz, a law firm said that an employee of DoubleLine Capital could gain tax advantages by simply moving their primary residence to Florida.
But it will not be simple for partners of DoubleLine to get tax benefits just by becoming residents of Florida. The partnership firm must earn some revenue from outside of California, which can be done by shifting the office to Tampa.
