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Billionaire Eddie Lampert may have packed his bags and moved to Florida, but the heart of his hedge fund is still at home in Connecticut.

While Lampert said last month his $10.5 billion hedge fund, ESL Investments, had relocated to Bay Harbour, Fla., nearly all of the firm’s former employees continue to work for ESL out of its former Greenwich, Conn., offices.

Aside from Lampert, only one employee moved to Florida along with ESL, according to a regulatory filing. Some 20 former ESL employees are now working for Adrian Maizey, Lampert’s former chief financial officer.

Maizey, who has been with ESL since 2006, has started two companies that do the same work for ESL as they did before.

Moreover, they are located at the Greenwich address that previously housed ESL.

What was billed as a geographic move is more akin to corporate outsourcing. Lampert restructured the hedge fund’s operations to cut costs and reduce his tax burden.

“It’s all part of his grand plan,” a source close to the firm told The Post.

Maizey’s Rand Capital will provide investment research exclusively to ESL, while Rand Group will offer operational and technical support for ESL, the SEC filing said. The latter company is expected to market its services to others as well.

Maizey hails from South Africa and named his new company after the country’s currency, the rand, according to a source close to him. Maizey did not return a call for comment.

William Crowley, former president and chief operating officer of ESL, whose departure was first reported in The Post, did not join Rand.

By moving the firm to Florida, Lampert will avoid paying a number of Connecticut taxes, including those on partnership income and capital gains.

In Connecticut, he would pay taxes on any salary and bonus he gives himself from management fees collected on his hedge fund.

Connecticut raised state income taxes last year in the largest tax hike in the state’s history.

The incentive income hedge-fund managers receive is taxed at the capital gains rate.

Florida does not tax either income or capital gains.

Lampert recently purchased an estate for about $40 million north of Miami, which will be his primary residence. This will allow him to avoid paying Connecticut personal income taxes. He now splits his time between the two states, according to a source.

ESL’s Florida moves were first reported in The Post on June 6.

The hedge fund reported $10.5 billion in regulatory assets under management in its June filing. A source close to the firm said that Lampert may own as much as $6 billion to $7 billion of the total, and that the firm hasn’t been interested in meeting with potential new investors.

Meanwhile, a huge pool of money raised by Goldman Sachs, where Lampert previously worked, committed some $3.5 billion to ESL in 2007, with a lockup set to expire at the end of this year, the Wall Street Journal reported. It said those investors were up only 1 percent as of that time, largely because of Sears Holdings’ underperformance.

Since then, ESL has been on a tear. About 43 percent of its $6.5 billion in equities as of March 31 was invested in Sears. This year, Sears shares are up 60 percent, and other big ESL holdings have also rallied.

A spokesman for Lampert declined to comment.