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August 07, 2005
Greenwich: The capital of hedge Funds!
Greenwich: The 67-square-mile cluster of neighborhoods that began in the 20th century mainly as a beach resort is today almost the capital of Hedge Fund Industry. The city is only 30 miles from Manhattan and has a population of 62,000. Most of the residents are the ‘rich and the richer’ and for years it had been this way. Until now: The city is home to over 100 hedge funds collectively managing more than $100 billion, about a tenth of the total invested in hedge funds world-wide. Today over 65% of the entire commercial space in Greenwich is taken up by Hedge Funds. And there is a waiting list of Hedge Funds who are merely waiting to get some office space in the city, which now runs to a year. Real estate prices have escalated to such an extent that they are costlier than even mid-town Manhattan office space rates. Their presence has spurred the presence and performance of support services such as ‘quick’ eating joints. Transportation from and to Manhattan is also facing overload. Post-gazette.com reports:
“The invasion reflects an escalating race for status and convenience among managers of hedge funds. Greenwich, a town of 62,000 located on the shores of Long Island Sound, is still mainly a residential community, with limited office space.”
Read More: Hedge funds feel right at home in Greenwich, Conn
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