In case you missed it, the Boston Herald reported that Fidelity Investments was not the only firm to take their jobs north of the border to New Hampshire. In fact Crosby Advisors, money managers for Fidelity CEO Ned Johnson and his family, has also packed up and moved north.
With their relocation to New Hampshire, Crosby Advisors took more than 100 workers, not to mention potential tax revenue. Crosby has cited one reason for the move was due to the Granite states generous trust and tax laws. One expert said, “The principal reason that families move their trusts to New Hampshire is that the state has the most progressive trust laws in the country.”
The Boston Herald article went on to say “New Hampshire doesn’t tax trust income for out-of-state beneficiaries. Family office moves are mainly aimed at gaining flexibility and improving privacy for assets in a business-friendly haven.”
Now that Crosby Advisors has left the Commonwealth, the Governor is left to answer calls from residents and critics alike regarding why the Bay State can’t seem to keep corporations and their tax dollars in state. The phrase in the article that the Patrick-Murray administration clearly hasn’t provided in Massachusetts is “a business-friendly haven.” Until this happens, we are going to continue to see jobs and revenue cross over state lines.
Click here to read the Boston Herald story in its entirety.