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Griffin is the wealthiest resident in Illinois with an estimated
net worth of $25 billion. The decision to relocate the hedge
fund and Citadel Securities, the electronic trading firm, was
motivated by Florida's business-friendly climate and tax
advantages, and concerns about rising crime rates in Chicago,
people familiar with his thinking said.
"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," Griffin wrote to employees
announcing the planned move in a note seen by Reuters. "Miami is
a vibrant, growing metropolis that embodies the American Dream."
The firm follows in the footsteps of prominent hedge fund
managers Carl Icahn and Paul Singer whose firms moved to Florida
from New York as employees longed for better weather and access
to outdoor activities, a huge draw during the pandemic. Florida
also does not collect state income tax.
Citadel is one of the world's most successful hedge funds and
has been headquartered in Chicago for more than 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 expressed concerns 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.
The firm's move will deal another blow to Chicago's business
community after Boeing recently said it would move its
headquarters to Arlington, Virginia and Caterpillar announced
plans to relocate to Irving, Texas. And it will likely put a
dent in philanthropic giving after Griffin, who was born in
Florida, 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 to ensure fluid trading as
COVID-19 locked down many businesses.
(Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker)
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