Ken Griffin, Chicago’s richest man and founder of the hedge fund Citadel, recently announced in a letter to employees that his company would be relocating to Miami.
“I am excited to share with you that Citadel is moving its global headquarters to Miami,” the letter read. “Miami is a vibrant, growing metropolis that embodies the American Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy.”
Griffin’s decision comes less than a year after he told an audience at the Economic Club of Chicago that he was considering moving the business because of crime in the city.
A recent report indicated that over the past five years, using per capita information, Chicago far outpaced Miami in homicides, sexual assaults, and robberies, while Miami outpaced Chicago in aggravated battery.
Griffin, 53, is originally from Daytona Beach, and went to high school in Boca Raton, but founded Citadel in Chicago 30 years ago. Griffin has been a frequent critic of rising crime in Chicago, and that appears to be a factor in the decision to move Citadel to Miami.
Representatives of the company cited an attempted carjacking of Griffin’s car, a stabbing of a Citadel employee attacked while walking to work, shoplifting in the neighborhoods where Citadel employees live, shootings near the homes of some employees, and mass shooting, riots, and looting near Griffin’s home in River North.
Griffin has also been a critic of Illinois Governor J.B. Pritzker. He has donated $50 million to Pritzker’s 2022 opponent, Aurora Mayor Richard Irvin.
In response to Griffin’s announcement, Pritzker’s office issued a statement saying that the state still “leads the nation in corporate relocations,” and that the administration’s policies have helped Illinois businesses.
“We will continue to welcome those businesses, including Kellogg, which just this week announced it is moving its largest headquarters to Illinois, and support emerging industries that are already creating good jobs and investing billions in Illinois, like data centers, electric vehicles and quantum computing.”
According to a company spokesman, Citadel has about 1,000 employees in Chicago and its principals and employees have generated “billions of dollars in tax revenue” for the city and state over the past decade.
In addition, Citadel Securities, a related e-trading firm owned by Griffin, will also be making the move to Miami.
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Steve Stewart is a senior contributor at The Florida Capital Star.
Photo “Ken Griffin” by Citadel. Background Photo “Miami Skyline” by LonnyPaul. CC BY-SA 3.0.
