Catherine Duddy Wood a.k.a. Cathie Wood, the founder and Chief Executive of Ark Investment Firm is taking a major leap in business strategy, and trust me when I say, it is for the better.
According to recent reports, Cathie Woods has announced moving her business to Florida. Yes, Ark Investment Management is relocating headquarters from New York City to St. Petersburg, Florida, and for all the right reasons.
Cathie Wood’s Ark Invest is quitting Wall Street for Florida to advance business and redefine the asset management industry. The company has said to increase collaboration between communities that are focused on innovation. When we talk about Cathie Wood, we know that we are talking about a successful entrepreneur and investor who is not afraid to take risks when it comes to scaling a business.
As mentioned in multiple reports, Cathie Woods is someone who is laser-focused on the tech industry and this is where she sees her scope of collaboration and partnership, being an asset management firm.
Wood says, “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.”
Ark Investment is all a ‘green signal’ for innovation and growth, and relocating its headquarters to St. Petersburg was a pretty significant step in this journey. As mentioned in a report by CNN, Jana Haines who is the Strategy Chief of Ark Invest says that the management was inspired by the diverse and vibrant talent base of Florida. In addition to this, the private and even the public partnerships that they have witnessed and heard about Florida are focused on innovation, completely aligned with the investment company’s vision.
The COVID-19 situation and the consumer behavioural change has impacted businesses and how they operate. The investment management company that focuses on the tech industry was also down in the ETF innovation percentage by approximately 3.5 per cent as it heads towards the fourth quarter. Amidst all of this and the recovery process in the market, Cathie Wood decided this to be the best time for relocating and re-innovating.
Speaking of relocating businesses, it is not just Ark Investment that is moving its headquarters, according to recent reports, even Tesla has announced to relocate its HQ from California to Texas.
Wood’s Ark Investment exchange-traded fund saw an increase of nearly 150 per cent back in 2020 that made it the Wall Street icon.