very interesting development here--DFA is a huge ($100 billion-plus) money manager. with Merton and Scholes on the BOD and using models developed by Fama and French, they are the institutional investors with the most intellectual credibility and firepower (among other things, they are the world's largest owner of small-cap stocks)...see Sinquefield's comments on California at the end...
Financial firm expanding to Austin
Dimensional Fund Advisors is lured by work force talent, high quality of life.
"I would not be surprised in five years if this is their corporate headquarters," said Dave Porter, senior vice president for economic development for the Greater Austin Chamber of Commerce. "It's a wonderful win for Austin."
David Booth, Dimensional's chairman and chief executive, said the company plans to grow from 300 workers worldwide to 1,200 in the next 10 years, with 800 of those workers in Austin...
The company considered more than a dozen cities when it began considering a move a year ago as the cost of living was soaring in California. Booth said the requirements included a more central location, plus a city that has good air transportation services and could meet the work force needs. Texas' pro-business climate helped, he said...
In an April interview with the St. Louis Post-Dispatch, Sinquefield said he was helping the company with the move and that rising costs in California played a role in the decision to relocate.
The region [California] "is becoming a third-world country with increasing tax rates," Sinquefield said. "We're moving the company to Austin, Texas, where there is no personal income tax."
statesman.com |
