Hamptons sees influx of successful financial firms20 Nov 2013 6:08 AM
Vacationing in the Hamptons has long offered urbanites living in New York City the opportunity for brief respite from the hustle and bustle of the metropolitan area. But now, it seems that financial professionals who experienced success in the Big Apple are increasingly eyeing luxury real estate in this affluent group of communities as new locations for their businesses.
According to The Wall Street Journal, a substantial number of brokerages, investment advisers, hedge funds and private capital firms have set up shop locally in recent months, bringing a new industry to the Hamptons. Many of the local gourmet eateries and high-end shops were seasonally frequented by television stars, film actors and politicians. Now, they are being patronized by managers of the financial firms and hedge funds that presently occupy many of the commercial offices on the eastern end of Long Island.
A total of 33 broker-dealers and investment advisers have registered with the Securities and Exchange Commission within five miles of Southampton Village, the newspaper reported. In addition, 16 firms are located within five miles of East Hampton Village, and another 16 in and around Bridgehampton.
"Every year there are more and more firms, more and more people, and more and more wealthy clients who are out here full time," Matthew Keller, branch director of Legend Securities Inc., which has been operating from the Hamptons since 2009, told The Journal.
With the uptick in businesses, a related increase has been seen in the area's cutting-edge technologies. As more professionals are able to work remotely, major deals can now be completed at any time, anywhere in the world, and with greater ease.
Bucolic beauty, relaxed atmosphere attracting firms
Not only are the high-end accommodations beckoning financial firms to the wealthy neighborhoods, but the area's pristine scenery and sense of privacy are as well. Whereas some business leaders may have preferred to flaunt their status in a downtown skyscraper, many now enjoy meeting with clients in a comfortable, contemporary setting, claiming that the coastal communities allow them to be as productive as ever.
"You can be a more effective businessman away from the rat race and the Machiavellian intensity, and it's better for your soul," James Sanford, a former managing director of Credit Suisse Securities USA Inc., told the news source. "I was a big player in the city, and I will be a big player once again in the Hamptons."
For now, it seems that individuals looking for luxury homes available for sale in the surrounding areas will have some competition from the various brokerages and hedge funds looking to open locations.