CHICAGO — The state’s richest person is moving his hedge fund Citadel to Miami.
Ken Griffin, worth around $25 billion, announced Thursday that both the hedge fund and market-making business Citadel Securities are moving.
“I am excited to have recently moved to Miami,” the message reads, “with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy.”
The announcement relocates two company divisions, Citadel and Citadel Securities, to Florida and hundreds of jobs, creating a new global headquarters in Miami while maintaining a smaller office in Chicago, spokespeople say.
The moves are expected to take multiple years as Griffin plans to set up Miami as the firm’s global headquarters. Developer Sterling Bay confirmed to WGN News that they are leading the development of the new office.
Griffin, 53, a GOP donor, has pumped several million into Richard Irvin’s gubernatorial campaign. In a written statement, spokespeople of Illinois Governor JB Pritzker said, “Countless companies are choosing Illinois as their home, as we continue to lead the nation in corporate relocations and had a record number of business startups in the past year.”
Chicago Mayor Lori Lightfoot’s office also expressed disappointment over Citadel’s announcement, saying, “We know Citadel will maintain a significant presence in Chicago and their story would not have been possible without the great strengths of our city.”
Griffin, a prominent philanthropist around Chicago, has previously threatened to pull Citadel out of the city due to crime.
Citadel is located in the 130 block of South Dearborn.