Cathie Wood to Move Investment Manager ARK to Florida


A number of of Cathie Wooden’s exchange-traded funds greater than doubled in 2020.


brendan mcdermid/Reuters

Star inventory picker

Cathie Wooden’s

newest transfer is to Florida.

Her agency, ARK Funding Administration LLC, stated Wednesday that it’s going to completely shut its New York headquarters on the finish of the month and transfer to St. Petersburg, Fla., on Nov. 1. Identified for its line of exchange-traded funds that spend money on corporations deemed disruptive and revolutionary of their industries, ARK stated it goals to deepen ties with native entrepreneurs and know-how startups by additionally constructing an innovation heart.

“ARK just isn’t a standard Wall Road asset administration agency and we’re trying ahead to breaking the mildew additional by relocating to St. Petersburg, a metropolis investing in know-how, science, and innovation,” Ms. Wooden stated in an announcement.

Since launching ARK’s first funds in 2014, Ms. Wooden has repeatedly sought to closely align herself in spirit and apply with the vibe of Silicon Valley fairly than the normal Wall Road monetary corporations she had reduce her tooth on. She has made brash bets on shares similar to

Tesla Inc.

and cryptocurrencies, resulting in top-of-the-line performances by a fund supervisor final 12 months. A number of of her ETFs greater than doubled in 2020, profiting off the deal with tech and development in the course of the Covid-19 pandemic.

Extending that scorching streak has confirmed troublesome; this 12 months, ARK’s Innovation ETF has fallen into its personal bear market, shedding 32% from its mid-February excessive. For the 12 months, the fund is down 12%.

Most of ARK’s small employees will relocate to its St. Petersburg workplace, the agency stated, and it plans to make use of the larger house to scale up. ARK added it is also accommodating workers preferring to work remotely.

As for the ARK Innovation Heart, the agency stated it plans to open the ability in July 2023. It will likely be positioned on 2.5 acres of property donated by town of St. Petersburg.

Copyright ©2021 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 | Cathie Wooden to Transfer Funding Supervisor ARK to Florida


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