The Business Development Board of Palm Beach County plans to expand its “Wall Street South” initiative to Boston and Chicago to lure more financial companies to the area.
President and CEO Kelly Smallridge told the Business Journal that the expansion is a result of more financial executives based in those cities who are moving their headquarters, opening offices or buying homes in Palm Beach County.
“We’ve become known as ‘Wall Street South,’ and it’s a title we’re embracing as we continue to attract hedge funds, private equity firms and wealth management offices,” she said. “Our [recent] campaign in New York during the Macy’s Thanksgiving Day Parade created a social media buzz, and we’re looking to replicate that in Boston and Chicago.”
Smallridge said a similar campaign is planned for Beantown and the Windy City that will align with major events and conventions to boost awareness and visibility.
The “Wall Street South” initiative builds upon the BDB’s New York City campaign, which launched over a decade ago. Smallridge said the movement peaked during the pandemic and continues to attract more financial giants from the Big Apple to Palm Beach County.
She noted that many executives from Chicago and Boston are already halfway through the decision-making process of moving their firms to the area, having established ties to the county through vacation homes or previous business connections.
“We’re letting people know that Palm Beach County isn’t just a retirement or vacation destination,” she said. “It’s a thriving hub for business, innovation and opportunity.”
Smallridge also added that the county has fostered a competitive edge over areas like Boston, Chicago and Manhattan due to its business-friendly policies, lower taxes and public safety.
The finance sector’s contribution to the local economy underscores this, adding $7.35 billion annually to the gross regional product.
Some financial companies from Chicago and Boston already have a Palm Beach County presence with an office in the region.
From Chicago, these include private equity firm GTCR (West Palm Beach), Northern Trust (Palm Beach) and BMO Harris Bank (West Palm Beach). Boston’s Fidelity Investments and John Hancock Financial Network each have a location in Palm Beach Gardens.
Smallridge said Palm Beach County’s transformation has been further bolstered by its recognition as the “Winter White House,” with the area frequently captured in national media coverage for President-elect Donald Trump.
“Trump’s election is allowing us to continue the momentum,” she said. “If anything, take it to a whole new level.”
SOURCE: South Florida Business Journal Palm Beach County expands ‘Wall Street South’ to Boston, Chicago – South Florida Business Journal
