Cathie Wood is taking her show on the road. ARK Investment Management LLC announced in a Wednesday press release that it was going to be moving its headquarters to Florida effective November 1, 2021.
The company also said, after the move, it will be breaking ground on the "ARK Innovation Center". The purpose of the facility is to "retain and attract top talent by supporting entrepreneurs and tech startups in St. Petersburg and the Tampa Bay region," according to the release.
"ARK believes that its relocation and the Center will advance its business as it scales and continues to redefine the asset management industry, and will increase collaboration between and among the communities focused on innovation at the local and national levels," the press release read.
Cathie Wood commented: "We are thrilled to relocate our corporate headquarters to St. Petersburg, Florida, as we believe the Tampa Bay region's talent, innovative spirit, and quality of life will accelerate our growth initiatives."
"ARK is not a traditional Wall Street 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. Our relocation and the ARK Innovation Center will allow us to be more innovative and to impact the broader community while shining a spotlight on the technological advances and creativity permeating the Tampa Bay region," she continued.
Jana Haines, ARK's Chief Strategy Officer, added: "Tampa has been recognized as the top emerging technology city in the US and the broader area including St. Petersburg is among the top metro areas for STEM professionals. It offers a vast network of companies, universities, incubators, entrepreneurs, and many others dedicated to advancement."
The press release said that the ARK Innovation Center would be open by 2023 and could generate revenue of $127 million by 2026:
The incubator, designated as ARK Innovation Center, is scheduled to open in July 2023 and will be located on 2.5 acres donated by the City of St. Petersburg at 4th Street 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 thanks to the 1,265 direct and indirect jobs expected. Moreover, its clients and graduates are expected to generate $127 million in annual revenue.
J.P. DuBuque, President & CEO of the St. Petersburg Area Economic Development Corporation concluded: "ARK represents the community of innovators and disruptors thriving in St. Pete, particularly in the financial sector. We are incredibly proud that ARK has chosen not only to join us but to invest in the St. Pete community."