Ken Griffin takes his Citadel enterprise to Miami after criticizing Chicago’s rising crime price

Illinois’ richest man leaves the state and takes his billion-dollar hedge firm with him to Florida amid rising crime within the Windy Metropolis.

In a memo to workers, Ken Griffin introduced he and his household could be shifting to Miami, Florida — and stated the headquarters of his Citadel hedge fund and buying and selling firm Citadel Securities would transfer with him.

“Chicago will proceed to be essential to the way forward for the Citadel, as lots of our colleagues have deep ties to Illinois,” he wrote within the memo, in response to the Chicago Sun-Times.

“Over the previous 12 months, nonetheless, lots of our Chicago groups have requested relocations to Miami, New York and different places of work around the globe.”

He went on to name Chicago a “exceptional house” for Citadel and hailed previous assist from political and enterprise leaders.

However prior to now, Griffin, 53, has spoken out towards Chicago’s rising crime drawback – with violent crime up 34% from a 12 months in the past.

He even steered in April that he was contemplating leaving Windy Metropolis, saying the crime drawback makes it tough to draw expertise.

Griffin did not point out town’s spiraling crime in his memo, however senior executives say it was possible one of many most important causes he determined to maneuver the corporate, although in addition they be aware that Florida has no state revenue tax, which might enable Griffin to develop his wealth even additional.

Ken Griffin, 53, the richest person in Illinois, announced on Thursday that he was moving his family and the headquarters of his hedge fund to Miami

Ken Griffin, 53, the richest particular person in Illinois, introduced on Thursday that he was shifting his household and the headquarters of his hedge fund to Miami

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

The transfer of the Citadel headquarters (pictured) is predicted to deal a serious blow to town’s economic system after it has already misplaced the headquarters of Boeing and Caterpillar

As a substitute, Griffin merely referred to as Miami a “vibrant and rising metropolis that embodies the American Dream”. ‘

He stated the corporate’s new location in Brickell Bay will probably be within the coronary heart of town’s enterprise district.

The corporate has already had a presence in Miami since March 2020, when workers started working there from a excessive finish in the beginning of the pandemic.

However Griffin has now employed Chicago-based developer Sterling Bay to construct a brand new headquarters, and within the meantime, he stated within the memo, Citadel will lease area in Miami till the constructing is full. .

The transfer is predicted to take a number of years, as the businesses have greater than 1,000 workers in Chicago.

This will probably be a serious blow to the state’s tax assortment efforts, as Griffin has a web value of round $25 billion and is among the many 50 richest individuals on this planet, in response to the the wall street journaland comes on the heels of the Chicago space’s lack of Boeing and Caterpillar headquarters.

And although he did not point out it in his memo, the Journal studies, prime executives imagine town’s rising crime might be an element — although in addition they be aware that Florida has no state revenue tax, which might enable Griffin to maintain extra of his revenue. .

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

Crime in Chicago has soared 34% this 12 months, with robberies up 66% and robberies up 21% from final 12 months

Griffin has been a staple in Windy Metropolis for years.

He based the Citadel Fund in Chicago in 1990, and it has change into one of the crucial profitable different funding autos for top web value people and establishments worldwide.

Citadel is without doubt one of the most profitable hedge fund firms right now, managing $51 billion in belongings and constantly outperforming its rivals. Actually, the corporate has continued to carry out properly even when the economic system is crashing, with executives lately reporting that its belongings grew by 13%.

In 2002, Griffin based Citadel Securities, which grew to become the world’s main market maker. In January, it was valued at $22 billion.

Griffin has since donated about $500 million to native causes and plans to donate extra.

He paid for the development of fifty miniature soccer fields throughout town and helped separate cyclists and runners alongside the Lakefront Path, in response to the Solar-Occasions, and he supported meals applications throughout the pandemic.

The native Museum of Science and Business even stated it could be named after Griffith after he donated $125 million, however the museum has but to take action, in response to the Solar-Occasions. .

Griffin has been a Windy City staple for years, having founded the Citadel Fund in Chicago in 1990. Since then, he has spent around $500 million on local causes, and the Chicago Museum of Science and Industry has said he would name himself after him after he donated $125 million

Griffin has been a Windy Metropolis staple for years, having based the Citadel Fund in Chicago in 1990. Since then, he has spent round $500 million on native causes, and the Chicago Museum of Science and Business has stated he would title himself after him after he donated $125 million

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

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

However lately, Griffin spoke about Chicago’s rising crime drawback and even hinted to the Journal in April that he was contemplating leaving city.

“If individuals aren’t secure right here, they will not reside right here,” he stated on the time. “I’ve had a number of colleagues attacked at gunpoint. I had a colleague stabbed on the best way to work. Numerous housebreaking issues.

“I imply, it is a actually powerful backdrop from which to draw expertise to your metropolis.”

He added that carjackers as soon as approached his safety division however did not receive his automobile, and Citadel executives cited crimes close to the properties of a number of workers, whereas additionally noting that the Dearborn Avenue headquarters was vandalized by rioters in 2020.

Crime within the metropolis has now climbed 34% this 12 months. Thefts, burglaries and burglaries all elevated considerably to 65, 31 and 21%, respectively.

Griffin additionally attacked Illinois Governor JB Pritzker for having no technique to cope with the crime wave, and dumped $50 million into the marketing campaign of Republican gubernatorial candidate Richard Irvin, who additionally lambasted the governor for his soft-on-crime coverage.

“We have now a governor who needs to handcuff the police, fairly than handcuff those that commit crimes, emboldening the very criminals who terrorize neighborhoods,” Irvin stated at a marketing campaign cease final month, vowing to reverse that. which he considers to be “anti-police insurance policies.

“Which means conserving money bail for violent criminals, banning nameless complaints towards law enforcement officials to smash their careers, reinstating legal homicide to carry killers accountable,” Irvin stated, in response to WBBM.

In an announcement following Griffin’s announcement, Chicago Mayor Lori Lightfoot’s workplace appeared to downplay the impression the transfer would have on town. His workplace stated the departure was “disappointing”, however stated the “financial outlook for town has by no means been stronger”.

In statements following Griffin’s announcement that Citadel is leaving the Windy Metropolis for a hotter local weather, native and state officers appeared to downplay the corporate’s loss.

Emily Bittner, spokeswoman for Governor Pritzker, stated in an announcement: ‘Numerous firms name Illinois house and we proceed to steer the nation in company relocations, and have seen a file variety of start-ups. companies over the previous 12 months.”

She famous that Kellogg, the cereal and snack maker, introduced that the biggest of the three firms being spun off will probably be primarily based in Chicago.

“We are going to proceed to welcome these firms, together with Kellogg, which this week simply introduced the relocation of its largest headquarters to Illinois, and assist rising industries which can be already creating good jobs and investing billions in Illinois, resembling information facilities, electrical autos and quantum computing.’

Chicago Mayor Lori Lightfoot’s media workplace, in the meantime, stated the departure was “disappointing,” however stated town’s “financial outlook has by no means been stronger.”

“Citadel administration has been reporting an enhanced presence in Florida for a while, and whereas this announcement isn’t a surprise, it’s nonetheless disappointing,” the workplace stated.

“We thank the Citadelle staff for his or her contributions to our metropolis and their many philanthropic commitments, significantly round schooling, arts and tradition and public security.

“We all know that Citadel will preserve a big presence in Chicago, and their story wouldn’t be potential with out the good strengths of our metropolis.”

He added: “Our financial outlook has by no means been stronger and we are going to proceed to construct on a top-notch restoration within the nation amongst main American cities.”

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