Asset Management Firm Relocating NYC Headquarters to Florida
Dynasty Financial reports it will continue to maintain a presence in New York at its current Midtown office as well as at their client service locations in Chicago and San Francisco.
ST. PETERSBURG, FL—Dynasty Financial Partners will be relocating its corporate headquarters operations from Midtown Manhattan to Downtown St. Petersburg, FL later this year.
The asset management firm will be relocating its headquarters functions from SL Green Realty’s 1350 Avenue of the Americas office tower to the 200 Central Ave. office building, known locally as Priatek Plaza, in St. Petersburg in the second quarter of this year.
Dynasty Financial reports it will continue to maintain a presence in New York at its current Midtown office as well as at their client service locations in Chicago and San Francisco. The company currently occupies space on the 32nd floor at 1350 Avenue of the Americas.
“We have spent a year looking for an ideal location that provided economic leverage, a high quality of life for our team, a robust infrastructure, and a strong talent pool. We also wanted a location that was in the heart of a thriving and growing financial services market—and St. Petersburg was a stand-out on all fronts,” states Shirl Penney, president and CEO of Dynasty Financial Partners.
He adds that the firm’s “real estate footprint expansion will now allow us to invest more aggressively in people, resources and tools to better serve our growing client base.”
The company intends to hire professionals in St. Petersburg in a variety of areas including business development, relationship management, technology, operations, client service, investments, human resources, legal and compliance.
Dynasty Financial did not release any information regarding the size of its workforce that will be shifted to Florida or the size of its leased space in New York City or St. Petersburg. According to the Tampa Bay Times, the firm will occupy space on the 15th floor of the 28-story office building acquired by Third Lake Capital in 2017 for $65.7 million.
The company currently employs approximately 50 workers at 1350 Avenue of the Americas and 65 company-wide. The firm intends to have a headquarters workforce of between 35 to 40 by the end of this year in St. Petersburg.
“There is a rising group of talented financial services professionals in Florida as a result of other financial firms based there,” Penney says. “Dynasty is a young, innovative company with cloud-based technology systems doing things differently—not a legacy firm locked into any one location. The young and vibrant community in St. Petersburg will allow us to hire professionals from various backgrounds at various levels of the firm to integrate them into our client-first culture.”
St. Petersburg mayor Rick Kriseman says of Dynasty’s impending relocation, “I am so pleased to have one of today’s most innovative and entrepreneurial firms in the wealth management industry choose St. Pete for their next headquarters location, where they will be among one of the best financial services sectors in the nation.”
Last year, Dynasty surpassed $15 billion in assets on its turnkey asset management platform. In addition, Dynasty’s investment platform is approaching $1 billion in alternative assets.