Financial Firm Moves From Wall Street to West Palm Beach
May 2, 2013
Significant Symbolic Step Taken Along the City’s Economic Development Plan
(West Palm Beach, FL) – It may be the most famous street on the planet. If you don’t know exactly where to find Wall Street on a map, you at least know what it symbolizes. For almost 200 years, Wall Street has been the world’s economic and financial epicenter.
So when a financial services firm decides it wants to move from Wall Street to West Palm Beach, it’s a big deal.
Today, the City of West Palm Beach Office of Economic Development announced the financial services firm FundingShield has agreed to move their headquarters from Wall Street to an office complex in the City along Palm Beach Lakes Boulevard.
FundingShield provides financial services, mortgage fraud prevention and regulatory compliance assistance for banks, mortgage originators and other financial industry sectors.
The financial services sector is one of the cornerstone industries that the city is targeting as part of its new economic development strategy.
“Hedge funds and financial services firms are looking to take advantage of our lower cost of doing business, and we are working to make sure they know what West Palm Beach has to offer them,” said West Palm Beach Mayor Jeri Muoio.
Mayor Muoio during her State of the City address in January singled out the financial industry as a key target market in her economic development strategy for the City. The financial sector is already an existing industry cluster in the City, and Mayor Muoio’s goal is to help that sector grow into a major economic engine for the area.
Discussions between the city and FundingShield began in August, when the Business Development Board of Palm Beach County alerted Alan Durham, the city’s Economic Development Director that the firm was looking to make a move.
“Landing FundingShield in our city is more about what it represents than anything else,” said Durham. “These are the kinds of firms that we want in our city. The fact that they made a business decision of West Palm Beach over Wall Street is a huge economic feather in the City’s cap.”