Ken Griffin is taking his buying and selling company Citadel to Miami afte…


Illinois’ richest guy is leaving the state and taking his billion-dollar hedge company with him to Florida amid emerging crime within the Windy City.

In a memo to staff, Ken Griffin introduced he and his circle of relatives are relocating to Miami, Florida – and stated the headquarters of his Citadel hedge fund and his buying and selling company Citadel Securities will transfer with him.

‘Chicago will proceed to be vital to the way forward for the Citadel, as lots of our colleagues have deep ties to Illinois,’ he wrote within the memo, in keeping with the Chicago Sun-Times.

‘Over the previous yr, then again, lots of our Chicago groups have requested to relocate to Miami, New York and different places of work all over the world.’

He went on to name Chicago a ‘exceptional house’ for Citadel, and praised previous strengthen from political and trade leaders.

But Griffin, 53, also referred to as Miami a ‘colourful, rising city that embodies the American Dream,’ and stated the corporate’s new location in Brickell Bay will likely be within the middle of the town’s trade district.

The corporate has already had a presence in Miami since March 2020, when staff got to work from a high-end there firstly of the pandemic.

But Griffin has now employed Chicago-based developer Sterling Bay to construct a brand new headquarters, and within the intervening time, he stated within the memo, Citadel will hire house in Miami till the construction is done.

The transfer is anticipated to take a number of years to finish – as the companies have greater than 1,000 staff in Chicago.

It will deal a vital blow to the state’s tax assortment efforts, as Griffin has a web price of about $25 billion and is one of the most sensible 50 wealthiest other folks on the planet, in keeping with the Wall Street Journal, and is derived at the heels  of the Chicago area shedding the company headquarters of Boeing and Caterpillar.

And regardless that he does no longer point out it in his memo, the Journal experiences, most sensible executives imagine the town’s emerging crime could also be an element – regardless that in addition they be aware that Florida does no longer have a state source of revenue tax, which might let Griffin stay extra of his profits.

Ken Griffin, 53, the wealthiest person in Illinois, announced on Thursday that he is moving his family and his hedge fund's headquarters down to Miami

Ken Griffin, 53, the wealthiest individual in Illinois, introduced on Thursday that he’s transferring his circle of relatives and his hedge fund’s headquarters all the way down to Miami

The move of Citadel's headquarters (pictured) is expected to deliver a major blow to the city's economy after it already lost the corporate headquarters of Boeing and Caterpillar

The move of Citadel's headquarters (pictured) is expected to deliver a major blow to the city's economy after it already lost the corporate headquarters of Boeing and Caterpillar

The transfer of Citadel’s headquarters (pictured) is anticipated to ship a big blow to the town’s economic system after it already misplaced the company headquarters of Boeing and Caterpillar

Griffin has been a staple of the Windy City for years, after founding the Citadel Fund in Chicago in 1990. He has since spent about $500 million on local causes, and the Museum of Science and Industry in Chicago said it would name itself after him after he donated $125 million

Griffin has been a staple of the Windy City for years, after founding the Citadel Fund in Chicago in 1990. He has since spent about $500 million on local causes, and the Museum of Science and Industry in Chicago said it would name itself after him after he donated $125 million

Griffin has been a staple of the Windy City for years, after founding the Citadel Fund in Chicago in 1990. He has since spent about $500 million on native reasons, and the Museum of Science and Industry in Chicago stated it could title itself after him after he donated $125 million

Griffin has been a staple of the Windy City for years.

He based the Citadel Fund in Chicago in 1990, and it has change into one of the a hit selection funding cars for rich other folks and establishments on the planet. 

Citadel is now one of the a hit hedge-fund companies, managing $51 billion in belongings and persistently outpacing competition. In truth, the corporate has persevered to accomplish neatly even because the economic system slumps, with executives reporting just lately that its belongings are up 13 %.

By 2002, Griffin based Citadel Securities, which has change into the arena’s most sensible marketplace maker. As of January, it used to be valued at $22 billion.

Griffin has since donated about $500 million to native reasons, and plans to present extra.

He has paid for the development of fifty miniature football fields around the town and made it imaginable to split bicyclists and runners alongside the Lakefront Trail, in keeping with the Sun-Times, and he supported meals methods throughout the pandemic.

The native Museum of Science and Industry has even stated it could title itself after Griffith after he donated $125 million, however the museum has no longer but carried out so, in keeping with the Sun-Times.

Griffin has donated $50 million to the campaign of Republican gubernatorial candidate Richard Irvin (pictured in 2020), who has called out the governor for soft-on-crime policies

Griffin has donated $50 million to the campaign of Republican gubernatorial candidate Richard Irvin (pictured in 2020), who has called out the governor for soft-on-crime policies

Griffin has donated $50 million to the marketing campaign of Republican gubernatorial candidate Richard Irvin (pictured in 2020), who has referred to as out the governor for soft-on-crime insurance policies

Crime in Chicago has soared 34 percent this year, with thefts up 66 percent and robberies up 21 percent from last year

Crime in Chicago has soared 34 percent this year, with thefts up 66 percent and robberies up 21 percent from last year

Crime in Chicago has soared 34 % this yr, with thefts up 66 % and robberies up 21 % from final yr

But just lately, Griffin has spoken out about Chicago’s rising crime downside, or even hinted to the Journal again in April that he used to be bearing in mind leaving the town.

‘If other folks don’t seem to be secure right here, they are no longer going to reside right here,’ he stated on the time. ‘I’ve had more than one colleagues mugged at gunpoint. I’ve had a colleague stabbed on learn how to paintings. Countless problems with housebreaking.

‘I imply, that is a actually tricky backdrop with which to attract ability on your town from.’

He added that carjackers as soon as accosted his safety element, however did not get his car, and Citadel executives have cited crimes close to the houses of a number of staff, whilst additionally noting that the headquarters on Dearborn Street used to be vandalized by means of rioters in 2020.

Crime within the town has now soared 34 % of this yr. Theft, housebreaking, and theft are all up considerably at 65, 31, and 21 %, respectively. 

Griffin has additionally assailed Illinois Gov JB Pritzker for having no option to handle the crime wave, and has dumped $50 million into the marketing campaign of Republican gubernatorial candidate Richard Irvin, who has additionally lambasted the governor for his soft-on-crime insurance policies.

‘We have a governor who desires to handcuff the police, relatively than handcuffing those that dedicate crimes, emboldening the very criminals who’re terrorizing out neighborhoods,’ Irvin stated at a marketing campaign prevent final month, vowing to opposite what he deems are ‘anti-police’ insurance policies.

‘That manner maintaining money bail for violent criminals, banning nameless court cases towards cops to wreck their careers, restoring prison homicide to carry killers responsible,’ Irvin stated, in keeping with WBBM. 

Ken Griffin is taking his buying and selling company Citadel to Miami afte...

Ken Griffin is taking his buying and selling company Citadel to Miami afte...

In a observation following Griffin’s announcement, Chicago Mayor Lori Lightfoot’s place of business perceived to downplay the have an effect on the transfer would have at the town. Her place of business stated the departure used to be ‘disappointing’ however claimed the town’s ‘financial outlook hasn’t ever been more potent’

In statements following Griffin’s announcement that Citadel is departing the Windy City for a hotter local weather, native and state officers perceived to downplay the lack of the trade.

Emily Bittner, a spokeswoman for Gov Pritzker stated in a observation: ‘Countless corporations are opting for Illinois as their house and we proceed to steer the country in company relocations, and had a record-number of industrial startups previously yr.’

She famous that Kellogg, the maker of cereals and snacks, introduced that the most important of the 3 corporations it’s splitting into will likely be founded in Chicago.

‘We will proceed to welcome the ones companies—together with Kellogg, which simply this week introduced it’s transferring its biggest headquarters to Illinois—and strengthen rising industries which might be already developing just right jobs and making an investment billions in Illinois, like information facilities, electrical cars and quantum computing.’

Chicago Mayor Lori Lightfoot’s media place of business, in the meantime, stated the departure used to be ‘disappointing’ however claimed the town’s ‘financial outlook hasn’t ever been more potent.’

‘Citadel’s management has been signaling for a while an enhanced presence in Florida, and whilst this announcement is no surprise, it’s nonetheless disappointing,’ the place of business stated. 

‘We thank the Citadel crew for his or her contributions to our town and their many philanthropic commitments, in particular round schooling, arts and tradition and public protection.

‘We know Citadel will deal with a vital presence in Chicago, and their tale would no longer be imaginable with out the good strengths of our town.’

It added: ‘Our financial outlook hasn’t ever been more potent and we will be able to proceed to construct upon a best-in-class restoration within the country among huge U.S. towns.’



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