On Thursday, Citadel announced it would move its headquarters from Chicago to Miami.
The decision affecting hedge fund Citadel and separate market-making business Citadel Securities comes after founder Ken Griffin voiced his frustration with Chicago’s crime rate and violence.
“Many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world,” Griffin said in a letter to employees. “I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy.”
Why It Matters: Citadel, which has a global presence, is among other firms such as Goldman Sachs Group Inc (NYSE:GS), Virtu Financial (NASDAQ:VIRT), Blackstone Inc (NYSE:BX), Tiger Global Management and many more building their presence in Florida.
“Right now Florida has an opportunity to capture a new moment in America,” said 53-year-old Griffin, who grew up in Florida. “There is a chance for Florida to reposition itself as a destination for talent in a way that forever changes the state.”
At present, Citadel’s plans call for the design and development of a tower on Miami’s Brickell Bay. The firm has employees working at temporary offices it has leased there already.
