The movement of finance firms to Florida will “massively” accelerate following the announcement that Citadel is relocating here, a hedge fund manager is predicting.

James Koutoulas, the founder of the $250M Typhon Capital Management, relocated from Chicago to Miami in 2018 for what he says is a superior lifestyle and lower taxes.

Koutoulas told Business Insider that he now expects Florida to pass New York as the epicenter of the finance industry.

“Every time a firm moves here, it makes it twice as easy for the next firm to move,” Koutoulas said.

Now that Citadel is moving its headquarters here, the process will gain even more steam.

Koutoulas said Citadel is the world’s best hedge fund. “No one can ever delegitimize South Florida again.”