Cathie Wood's Ark Invest will permanently close the doors of its New York office at the end of the month when the investment firm's corporate headquarters moves to St. Petersburg, Florida, on Nov. 1.
"We believe the Tampa Bay region's talent, innovative spirit, and quality of life will accelerate our growth initiatives," Wood said in a statement. "ARK is not a traditional Wall Street asset management firm, and we are looking forward to breaking the mold further by relocating to St. Petersburg, a city investing in technology, science, and innovation. Our relocation and the ARK Innovation Center will allow us to be more innovative and to impact the broader community while shining a spotlight on the technological advances and creativity permeating the Tampa Bay region."
Ark chief strategy officer Jana Haines said the company was "inspired by the area's vibrant and diverse talent base and the early success of public and private partnerships focused on innovation."
"As St. Petersburg is primed for exponential growth, ARK hopes to be a catalyst and connector, amplifying the efforts already underway," she added.
Ark Invest noted that while a "substantial" number of employees will relocate to the St. Petersburg office at 200 Central, it will continue to take a hybrid work approach to allow some employees to work remotely.
In addition to the relocation, Ark Invest will partner with the Tampa Bay Innovation Center on a new state-of-the-art facility dubbed the ARK Innovation Center, which will begin construction in the first quarter of 2022 and be used to support entrepreneurs and tech startups in St. Petersburg and the Tampa Bay region.
The facility, which will be built and owned Pinellas County, is schedule to open in July 2023 and will be located on 2.5 acres donated by the city of St. Petersburg at 4th Street and 11th Avenue South in the Innovation District.
By 2026, the 45,000-square-foot building is expected to create 1,265 direct and indirect jobs. Its clients and graduates are also expected to generate $127 million in annual revenue.
Several of Ark's exchanged traded funds more than doubled in 2020, capitalizing off tech and growth stocks during the COVID-19 pandemic.
|ARKK||ARK ETF TR INNOVATION ETF||107.12||-0.65||-0.60%|
However, Ark's flagship ARK Innovation ETF has had trouble carrying that momentum in 2021, falling nearly 10% for the year.