Ken Griffin is moving Citadel headquarters from Chicago to Miami, a move many believe resulted from an ongoing feud Griffin has been having with Governor J.B. Pritzker over safety in Chicago. Citadel is one of the world’s most successful hedge fund firms. It manages more than $51 billion in assets with offices in North America, Europe, and Asia. The move will be a multi-year process. About 1,000 employees will remain at the Chicago office.
Announcement to Move Citadel from Chicago to Miami
Griffin announced the move in a letter to Citadel employees. He said that he has personally moved to Florida. He views Florida as having a better corporate environment. The letter did not expressly state that crime in Chicago was the motive for the move. However, the media widely reports that Griffin was pulling out over safety concerns. In April, the Wall Street Journal reported on an interview with Griffin where he said that crime in Chicago made it difficult to recruit top employees.
Ken Griffin Built His Wealth in Chicago
Griffin came to Chicago in 1989, shortly after graduating from Harvard. He founded Citadel Securities in 1990 and managed to build his Chicago-based company into a global success. It has also made him a wealthy man. He owns an 85% stake in Citadel. With a net worth of $27 Billion, Forbes ranks Griffin as the 53rd richest man in the world.
Reason to Leave
There are other compelling reasons for Griffin to relocate headquarters to Florida outside of safety concerns. He was born in Daytona Beach, FL, and grew up in Boca Ratan. Griffin still has deep family ties to Florida. Last year he purchased a large estate in Palm Beach. The estate includes a guest house, which his family, including his mother, use. The relocation of Citadel Headquarters to Miami offers a chance to return to family roots, take advantage of Florida corporate incentives, and maybe find respite from the Chicago winters.
