Ken Griffin’s Citadel Leaving The Windy City for The Magic City
By Investing.com Staff
Ken Griffin is moving the headquarters of his Citadel hedge fund to Miami from Chicago, in the latest exodus from the Windy City and the continued movement of hedge fund money into the Sunshine State.
In a letter to employees reviewed by the Wall Street Journal, the billionaire said he has personally moved to Florida and that Citadel Securities would also transfer. Griffin stated Florida has a better corporate environment. In the past, he also criticized Illinois over crime and other issues.
“If people aren’t safe here, they’re not going to live here,” Griffin said about Chicago in the past. He pointed to multiple colleagues being mugged at gunpoint and another stabbed on the way to work.
Mr. Griffin is the wealthiest resident of Illinois with an estimated net worth of $28.9 billion.
The move from Chicago will take multiple years and many Citadel employees are expected to remain in the city.
“Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois,” Griffin wrote in the letter. “Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world.”