Why billionaire Ken Griffin is transferring Citadel’s HQ to Miami from Chicago: riots, an worker stabbed, and the tried hijacking of his personal automobile

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  • Citadel, which has been in Chicago since its inception, is transferring to Miami.
  • Citadel founder Ken Griffin has already moved to the sunshine state.

Billionaire Ken Griffin’s Citadel is transferring to the sunshine state.

In a memo to staff on Thursday, Griffin stated he was transferring $51 billion hedge fund Citadel and market maker Citadel Securities headquarters to Miami, Florida, from its headquarters in Chicago, the place it has been primarily based since 1990.

“A lot of our Chicago groups have requested to relocate to Miami, New York, and our different places of work around the globe” over the previous 12 months, Griffin stated in a letter to staff. Griffin himself has moved to Miami together with his household, he stated.

In accordance with Citadel spokesman Zia Ahmed, some Citadel Securities staff have already moved to short-term places of work in Miami’s Southeast Monetary Heart, and hedge fund Citadel groups are set to observe. Citadel has greater than 1,000 staff primarily based in Illinois throughout its two companies. The agency stated it expects a number of hundred individuals to be primarily based in Miami within the subsequent 12 months.

Over the previous 12 months, Griffin has been outspoken about his colleagues’ security within the Windy Metropolis.

“It is changing into ever harder to have this as our international headquarters, a metropolis which has a lot violence,” he stated final October on the Financial Membership of Chicago. “I imply Chicago’s like Afghanistan on day and that is an issue.”

When requested how lengthy he deliberate to remain in Chicago, Griffin stated on the time: “It is most likely measured in years not many years if we do not change course.”

Whereas not talked about in Griffin’s observe to staff, Ahmed cited crime as one more reason for the transfer. Over the previous couple of years there had been an tried carjacking of Griffin’s automobile, a stabbing of a Citadel worker whereas strolling to work, shoplifting within the neighborhoods the place Citadel staff reside, shootings close to the properties of some staff, and mass taking pictures, riots, and looting close to Griffin’s dwelling in River North.

Citadel has been no stranger to Florida. The agency made headlines in April 2020 when it arrange a “bubble” on the 4 Seasons in Palm Seaside, Florida, for its Citadel Securities buying and selling flooring due to the fallout of COVID-19. It booked the resort for the final two summer season intern lessons, too.

This 12 months, Citadel Securities interns stayed on the Palm Seaside 4 Seasons, and interns of the $47 billion hedge-fund supervisor stayed on the 4 Seasons in Fort Lauderdale for the primary week of the summer season internship program.

A slew of different monetary corporations have constructed a presence in Miami together with Blackstone, Goldman Sachs, Thoma Bravo, and Elliot Administration. Different hedge funds like D1 Capital Companions and Melvin Capital Administration even have areas in Florida.

Citadel is constructing a brand new workplace tower in Miami’s finance hub of Brickell, which can take a number of years to finish. The corporate additionally plans to open its 425 Park Avenue location in New York Metropolis later this summer season.

“With our new workplace opening at 425 Park Avenue, our growth at 350 Park Avenue and our new headquarters opening on Brickell Bay, within the coronary heart of Miami’s booming monetary district, we’re in a powerful place to help these transitions,” Griffin stated in his letter.

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