ARK Investment Management LLC ("ARK" or "ARK Invest"), an investment adviser focused solely on investing in disruptive innovation, announced the relocation of its corporate headquarters to St. Petersburg, Florida, effective November 1, 2021.
"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," stated Cathie Wood, ARK's Founder, Chief Executive Officer, and Chief Investment Officer. "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."
Specializing in thematic investing in disruptive innovation, ARK Invest is rooted in over 40 years of experience in identifying and investing in innovations that should change the way the world works. Through its open research process, ARK identifies companies that it believes are leading and benefiting from cross-sector innovations such as robotics, energy storage, DNA sequencing, artificial intelligence, and blockchain technology. ARK's investment strategies include Autonomous Technology and Robotics, Next Generation Internet, Genomic Revolution, Fintech Innovation, Space Exploration & Innovation, 3D Printing, Israel Innovative Technology, and the overall ARK Disruptive Innovation Strategy.
New Headquarters in Heart of DTSP
ARK's new corporate headquarters will be in the heart of downtown St. Petersburg at 200 Central. The space will enable ARK to scale while its team enjoys a better work-life balance. 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. With this model, ARK hopes to maximize its productivity and attract top talent from around the world.
"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," stated Jana Haines, ARK's Chief Strategy Officer. "We are inspired by the area's vibrant and diverse talent base and the early success of public and private partnerships focused on innovation. As St. Petersburg is primed for exponential growth, ARK hopes to be a catalyst and connector, amplifying the efforts already underway."
ARK Innovation Center to Generate $28M in Jobs
In addition to the relocation, ARK is collaborating 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 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.
Wood stated, "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."
"ARK Innovation Center is key to the efforts by Pinellas County and the region to grow and solidify the local entrepreneurial ecosystem," stated Chris Paradies, Chairman of the Board of the Tampa Bay Innovation Center. "We are thrilled that ARK is taking such an active role as we continue to establish the region as the center for technology and innovation, while driving investment dollars and creating hundreds of jobs."
Promoting Innovation and Entrepreneurship
Dr. Cynthia Johnson, Director of Pinellas County Economic Development, said, "We're honored to continue our work and excited to collaborate with Cathie and her team to promote innovation and entrepreneurship in Pinellas. We want to thank ARK for its commitment to equitable development and job creation."
"We are thrilled ARK has decided to call Florida home," stated Florida Secretary of Commerce Jamal Sowell, President and CEO of Enterprise Florida. "Their investment in the St. Petersburg area will have profound economic impacts in the years to come and will continue to set Florida apart as one of the top innovation destinations in the country."
"ARK represents the community of innovators and disruptors thriving in St. Pete, particularly in the financial sector," stated J.P. DuBuque, President & CEO of the St. Petersburg Area Economic Development Corporation. "We are incredibly proud that ARK has chosen not only to join us but to invest in the St. Pete community."
ARK will close its New York office permanently on October 31, 2021.
Wall Street Journal: "Cathie Wood to Move Investment Manager ARK to Florida"
Tampa Bay Times: "Cathie Wood's ARK Investment Moving Headquarters to St. Petersburg"
Tampa Bay Business Journal: "Cathie Wood's ARK Invest Moving from New York to Tampa Bay"