Ken Griffin moving Citadel headquarters from Chicago to Miami

Ken Griffin moving Citadel headquarters from Chicago to Miami

CHICAGO (TOC) — Billionaire hedge fund supervisor Ken Griffin is transferring his firm’s headquarters out of Chicago. It is the newest in a string of high-profile companies transferring their headquarters from the state and is ready to go away an influence vacuum in Illinois politics.

In a observe to his employees Thursday, Citadel hedge fund CEO Ken Griffin introduced he’s transferring headquarters from Chicago to Miami, Florida, saying partly, “Miami is a vibrant, rising metropolis that embodies the American Dream…”

Griffin and his household not too long ago moved to the southern metropolis.

The query is, what occurs now?

Griffin has lengthy been a stronghold in Illinois republican politics and has pumped $50 million into Republican candidate Richard Irvin’s marketing campaign for governor.

Ken is already a useful stakeholder of our neighborhood, having invested $5m in direction of our local weather resiliency. I’m excited for Miami to realize somebody who shares our revolutionary spirit and understands the worth of neighborhood security and high quality of life.

— Mayor Francis Suarez (@FrancisSuarez) June 23, 2022

“He is strolling away even earlier than the election. He is giving up on his candidate on the marketing campaign even earlier than the election’s even occurred. He is sending a message that he is washing his fingers of Illinois,” mentioned ABC7 Political Analyst Laura Washington.

Washington mentioned Griffin’s absence will create a vacuum.

“It is particularly dangerous for the Republican celebration as a result of the Republican celebration, notably on the high of the ticket, has been counting on Griffin’s cash, and now that cash appears to be going away,” she mentioned.

Richard Irvin’s mentioned partly, “JB Pritzker is both in full denial or just refuses to acknowledge what everybody sees which is that his high-tax, pro-criminal administration is actually driving jobs and companies out of state…”

Governor Pritzker’s marketing campaign mentioned in response partly, “Numerous corporations are selecting Illinois as their residence… together with Kellogg, which simply this week introduced it’s transferring its largest headquarters to Illinois…”

However over the previous 12 months, Griffin has been signaling his frustration in Illinois, citing growing crime in Chicago.

“It’s a shame that our governor won’t insert himself into the problem of addressing crime in our metropolis,” Griffin mentioned, addressing The Financial Membership of Chicago final October.

With this announcement, Citadel turns into the third main company to maneuver its headquarters from Illinois to a southern state. Citadel goes to Miami, Caterpillar moved its headquarters to Dallas-Ft. Value in Texas and Boeing is transferring its headquarters to Arlington, Virginia.

“That is an emotional punch within the abdomen for Chicago’s financial improvement neighborhood,” mentioned Laurence Msall, Civic Federation President. “It’s a large wake-up name for our metropolis and our state that enterprise can’t be taken without any consideration.”

Citadel has about 1,000 workers in Illinois. Griffin’s workforce mentioned his agency’s principals and workers have pushed billions of tax {dollars} to the state and that he is given greater than $600 million to organizations in Chicago.

Learn the total statements from Governor Pritzker, Mayor Richard Irvin, and Ken Griffin’s e-mail to employees beneath.Governor Pritzker Assertion:”Numerous corporations are selecting Illinois as their residence, as we proceed to guide the nation in company relocations and had a document variety of enterprise start-ups prior to now 12 months. We are going to proceed to welcome these companies – together with Kellogg, which simply this week introduced it’s transferring its largest headquarters to Illinois – and assist rising industries which might be already creating good jobs and investing billions in Illinois, like information facilities, electrical autos and quantum computing.”Mayor Richard Irvin Assertion:”JB Pritzker is both in full denial or just refuses to acknowledge what everybody sees which is that his high-tax, pro-criminal administration is actually driving jobs and companies out of state. Within the final month alone, Illinois misplaced Boeing, Caterpillar and now Citadel. It is a clear sample that reveals no indicators of ending except we beat Pritzker in November, and I am the one particular person on this race with a confirmed document of success to take Illinois again.”Ken Griffin letter to employees”I’m excited to share with you that Citadel is transferring its international headquarters to Miami. Miami is a vibrant, rising metropolis that embodies the American Dream – embracing the probabilities of what might be achieved by a neighborhood working to construct a future collectively. I’m excited to have not too long ago moved to Miami with my household and stay up for quickly increasing Citadel in a metropolis so wealthy in range and abounding with power.

Chicago will proceed to be essential to the way forward for Citadel, as a lot of our colleagues have deep ties to Illinois. Over the previous 12 months, nonetheless, a lot of our Chicago groups have requested to relocate to Miami, New York and our different workplaces world wide. With our new workplace opening at 425 Park Avenue, our enlargement at 350 Park Avenue and our new headquarters opening on Brickell Bay, within the coronary heart of Miami’s booming monetary district, we’re in a powerful place to assist these transitions. We acknowledge that the selection of the place to name residence entails private, household, college and different concerns, and we are going to present complete assist to fulfill the wants of our groups.

Chicago has been a outstanding residence for Citadel. I nonetheless keep in mind the unimaginable civic pleasure and engagement after I arrived greater than thirty years in the past – and the outreach by enterprise and political leaders who needed us to succeed and be part of the material of Chicago’s neighborhood. That ethos served us effectively in constructing our agency – and I’m happy with all that now we have contributed to Chicago over the previous three a long time. I hope we proceed to make such a significant impression in all of the cities world wide that we name residence.”

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