Citadel, the $51 billion hedge fund founded by billionaire investor Ken Griffin, is moving its global headquarters to Miami from Chicago. Therefore, becoming the latest investment firm to shift offices to Florida in the pandemic’s wake.
Griffin is the wealthiest resident in Illinois with an estimated net worth of $25 billion. Florida’s business-friendly climate and tax advantages motivated the decision to move the hedge fund and Citadel. Also, concerns about rising crime rates in Chicago, people familiar with his thinking said.
Citadel is one of the world’s most successful hedge funds and headquartered in Chicago for over three decades. The firm employs 1,000 people at it headquarters, 10% less than two years ago, a statistic that Citadel executives say underscores how tough it is to recruit top talent to Illinois. About 4,000 people work at the firm in 17 offices around the world.
Citadel executives have complained about crime in Chicago, noting a Citadel employee was stabbed a block from the office while walking to work. That someone tried to carjack Griffin’s vehicle, and that protests have occurred outside of the Chicago headquarters.
It will likely put a dent in philanthropic giving after Griffin, who was born in Florida. And donated more than $600 million to local educational, cultural, medical and civic organizations.
At the start of the pandemic. Citadel established a beachhead at the Four Seasons Palm Beach hotel. Specifically to ensure fluid trading as COVID-19 locked down many businesses.