Ken Griffin moving Citadel to Miami from Chicago following crime complaints

Billionaire Ken Griffin is moving his big hedge fund firm Citadel from Chicago to Miami, the third big businessman to announce the move of an Illinois corporate headquarters in the past two months.

In a letter to employees Thursday that was seen by the Wall Street Journal, Griffin said he had personally moved to Florida and that his market-building business, Citadel Securities, would also be transferred. He wrote that he viewed Florida as a better corporate environment, and while he did not specifically cite crime as a factor, company officials said it was a consideration.

Griffin is the wealthiest resident of Illinois, so his departure will hurt state tax collection both individually and business-wise. Griffin has an estimated value of $ 28.9 billion and is among the 50 richest in the world, according to the Bloomberg Billionaire Index.

“Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois,” Griffin wrote. “Over the past year, however, many of our Chicago teams have applied to move to Miami, New York and our offices around the world.” The relocation of the Citadel is expected to be a multi-year process. There are currently about 1,000 employees in Chicago and many are expected to remain.

Citadel is one of the most successful hedge fund companies, managing $ 51 billion in assets and consistently outperforming its competitors through its multi-strategic funds after surviving heavy losses in the 2008 financial crisis.

Griffin and Illinois Gov. JB Pritzker, heir to the Hyatt H,
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The fortune of the hotel and the brother of former US Secretary of Commerce Penny Pritzker, have had a dispute in recent years, most recently over the rise in violence in Chicago. Griffin has given $ 50 million ahead of Tuesday’s Illinois primary in the campaign of Richard Irvin, a Chicago suburban mayor running for Republican nomination for governor. He is also a major donor to efforts nationwide to try to help the GOP gain control of Congress in November.

Data from the Chicago Police Department shows that as of June 19, murders have dropped 11% compared to the same period last year, while burglaries have increased 65%, vehicle thefts of engine have increased by 40% and thefts have increased by 31%.

Caterpillar Inc. CAT,
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he said earlier this month that he was moving from his longtime Illinois base (relocated to the Chicago suburbs from Peoria just five years ago) to Texas. Manufacturers have increasingly turned to the Southwest as a destination for new factories, attracted by available space, attractive tax policies and an expanding technological workforce. In May, Boeing Co BA,
+ 4.75%
he said he was moving his headquarters from Chicago to Arlington, Virginia, to be closer to senior federal officials.

Citadel Securities has been present in Florida since March 2020, when employees began working from a high-end hotel at the onset of the COVID-19 pandemic. In his note to employees, Griffin said the new headquarters would be in Brickell Bay, “in the heart of Miami’s booming financial district.”

D1 Capital Partners, Elliott Management Corp. and Melvin Capital Management are also among the companies that now have a presence in Florida, making it a new satellite of New York and Connecticut for the hedge fund industry.

An expanded version of this story appears on

More information about Citadel and Ken Griffin at

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