Cathie Wood's Ark Invest cuts exposure to China

London (CNN Business)Cathie Wood is moving her business to Florida.

Ark Investment Management is permanently closing its New York office and relocating to St. Petersburg, Florida, the company announced Wednesday.
Wood’s flagship Ark Innovation exchange-traded fund surged nearly 150% in 2020, turning her into a Wall Street superstar.

    Wall Street's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire

    Wood does things differently, and she’s laser-focused on the tech industry. So perhaps it’s no surprise that she’s leaving Wall Street behind.

      Ark said it believes the relocation will “advance its business as it scales and continues to redefine the asset management industry,” as well as “increase collaboration between and among the communities focused on innovation.” 

      “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,” added Wood.

        Ark’s strategy chief Jana Haines said the company was inspired by the area’s “vibrant and diverse talent base” and the success of public and private partnerships focused on innovation.

        Cathie Wood, chief executive officer and chief investment officer of ARK Investment Management.

        This year hasn’t been nearly as kind to Wood as the last. The Innovation ETF is down 3.5% heading into the fourth quarter, despite a red-hot market for tech with the Nasdaq up more than 14% so far in 2021.
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