Billionaire hedge fund manager Ken Griffin is moving his company’s headquarters from Chicago to Miami.
In a note to employees Thursday, Griffin said his investment firm, Citadel, is moving to a new headquarters in Miami’s financial district after more than 30 years in Chicago. Citadel, which has about 1,000 employees in Chicago, will keep an office in the city, but many are expected to move with the corporate location to the Sunshine State, where Griffin, a Florida native, recently moved with his family.
“Chicago will continue to be important to Citadel’s future, as many of our colleagues have deep ties to Illinois,” Griffin said in his note. “However, over the past year, many of our Chicago teams have requested to move to Miami, New York and our other offices around the world.”
Citadel Securities, a jointly owned trading company, will also be moving to Miami. Citadel has more than 4,000 employees in 17 offices around the world.
Griffin, the richest man in Illinois, founded Citadel in 1990 and built it into one of the world’s largest hedge funds. With a reported value of $27 billion, it has long been a civic force in Chicago, donating more than $1 billion to organizations like the Art Institute, the Museum of Modern Art, and the Museum of Science and Industry, which announced that it would change its name in Griffin’s honor in 2019.
But Griffin, 53, has also harshly criticized the city in recent years. In an appearance before the Economic Club of Chicago in October, Griffin cited rising crime and violence on the city’s streets as one of several reasons Citadel, which has $51 billion in assets under management, was considering move to greener corporate pastures.
More to come.