News: Private equity giant Blackstone expands its technology arm in Miami, creating many jobs
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Blackstone Group, a leading New York-based private equity firm with $564 billion in assets under management, will expand its technology group in Miami. According to the Miami Herald, the company, attracted by the region's exceptional business climate and diversity, will create more than 200 jobs as a result of the move.
South Florida, an Eldorado for technology subsidiaries
Indeed, the company described Miami as "a dynamic market with a top talent resource from top technology programs and a large technology footprint." According to the group, the local expansion into 50,000 square feet of space will allow Blackstone to diversify its talent pool and grow its technology team.
Indeed, Blackstone is among a growing number of financial firms moving their technology arms to South Florida. For example, we can cite SoftBank Group, which has opened an office in Miami for its $5 billion Latin America-focused innovation fund.
The Miami area is attracting more and more diverse businesses
The Miami area quickly realized its potential and saw its economy explode in ten years.
In 2013, in an effort to grow its financial sector with the ambition of competing with the nation's largest exchanges, the city of Miami began paying incentives to companies expanding in the area. The still-operating Miami Downtown Development Authority, for example, plans to award Blackstone up to $150,000 later this month as part of its Follow the Sun initiative, which encourages companies to expand in South Florida.
Today, Miami's financial district has become one of the nation's leading financial centers in just a few years, with a steady stream of financial companies moving to the area in search of lower taxes, a better climate for employees, diverse talent and unlimited growth opportunities. The arrival of these companies has been a major boost to the local economy for years, bringing jobs, private investment and new residents, resulting in sustained growth for the region.
Conclusion
The BackstoneGroup's decision comes at a time when South Florida is attracting high-income individuals from across the country, particularly in the context of the pandemic pushing companies to increasingly accept remote work. It is also part of a global trend that has been going on for almost a decade, with more and more companies moving to the Miami area to take advantage of its unique business climate and cultural diversity.
The creation of numerous jobs and possible career opportunities in Florida with a world-class group such as Blackstone highlights the region's solid growth trend.
Sources: The Miami Herald, South Florida Business Journal.
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