Cathie Wood To Move Her Ark Investment Firm From NYC To St. Pete

ST. PETERSBURG, FL — Ark Investment Management LLC, a tech investor based in New York City, is moving to St. Petersburg, a company press release said.

"ARK is not a traditional Wall Street traditional 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," Cathie Wood, ARK's founder, chief executive officer and chief investment officer said.

Forbes reported Wood is a star stock-picker and founder of $60 billion (assets) ARK Invest, which invests in innovations like self-driving cars and genomics. The company believes its relocation will increase collaboration between and among the communities focused on innovation at the local and national levels.

ARK's new corporate headquarters will be at 200 Central, St. Petersburg. While a substantial number of employees have chosen to relocate and work in the office, ARK's hybrid back-to-work model will harness technology to accommodate working remotely, staff said. With this model, ARK wants to maximize its productivity and attract top talent from around the world.

"Tampa has been recognized as the top emerging technology city in the U.S., and the broader area, including St. Petersburg, is among the top metro areas for STEM professionals," Jana Haines, ARK's chief strategy officer, said. "It offers a vast network of companies, universities, incubators, entrepreneurs, and many others dedicated to advancement."

Along with its relocation, ARK said it is working with the Tampa Bay Innovation Center on a new incubator that Pinellas County will build and own. The incubator, designated as ARK Innovation Center, is scheduled to open July 2023 and will be located on 2.5 acres donated by the city of St. Petersburg at Fourth Street South and 11th Avenue South in the Innovation District. By 2026, the 45,000-square-foot building is expected to impact the county by $28 million with the 1,265 direct and indirect jobs expected. Its clients and graduates are expected to generate $127 million in annual revenue

Its NYC office will permanently close Oct. 31, and open in St. Pete Nov. 1, the company said. For more information about Ark Investment, visit its website.