Millennium Set to Open Two More Offices in Tax-Friendly Florida

Izzy Englander’s Millennium Management will open two more offices in Florida as its staff joins a growing southward migration.

The $50 billion hedge fund firm will have outposts in Miami and West Palm Beach, according to a person familiar with the matter. The move is mostly driven by its portfolio managers’ preference for the state, which doesn’t tax income, estates or capital gains. Meanwhile, top earners in New York City face among the highest state and local taxes in the U.S.

Millennium’s Miami office, which will be the firm’s second in the city, can accommodate 350 people and will ...