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Capital Securities Miami

Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami

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Capital Securities Miami

Another large corporation recently declared it would relocate its headquarters to Miami. Hedge fund manager and billionaire Ken Griffin said in a letter to his staff on Thursday that Citadel, his investment firm, will be moving to Miami after more than 30 years in Chicago.

“I am excited to share with you that Citadel is moving its global headquarters to Miami. Miami is a vibrant, growing metropolis that embodies the American Dream. 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,” states Griffin’s letter to his staff.

Griffin acknowledged previous assistance from influential business and political figures and referred to Chicago as Citadel’s “amazing home” in the memo. However, he has claimed in other places that an increase in crime has made it more difficult for Citadel to recruit top talent, leading the company to increase its headcounts in other locations while decreasing it in Chicago.

Griffin stated in April, “If people aren’t safe here, they’re not going to live here. I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”

The new office building will be built “on Brickell Bay” and will be designed in collaboration with Chicago developer Sterling Bay. 1201 Brickell Bay Drive is one potential location. The site, the sole unoccupied property on the bay in Brickell, just sold for a record-breaking $363 million to an anonymous LLC with a Chicago address.

Griffin, the wealthiest person in the state, is also the most prominent philanthropist in Chicago, according to a Forbes estimate of his net worth at more than $25 billion.

He has given about $500 million to regional organizations and intends to contribute even more, but he is also well known for his large political contributions, including $50 million to Richard Irvin, a Republican candidate for governor.

The transfer of Citadel is anticipated to take several years. More than a thousand people work for the firms in Chicago, and while some are anticipated to stay, it is unclear how many.

Is Miami Going to Become the Next Silicon Valley? If it’s up to Mayor Francis Suarez, it Will Be.

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Since the infamous tweet from Miami’s own Mayor Francis Suarez in early December of 2020, he has become very creative in his attempts at recruitment of relocating big tech and financial companies to Miami.

  • Mayor Francis Suarez tweets potential relocators wanting to move to Miami.

According to CNBC, the “How can I help?” tweet generated more that 2.3 million organic impressions. “It gave me the impetus and energy and incentive to keep tweeting and connecting at a very high rate,” Suarez said.  From December 2020 alone, he has had more than 27 million impressions on his account and he hasn’t stopped there.

In his latest marketing efforts, commuters in San Francisco were greeted by their usual sign but this one had a different message. “Thinking about moving to Miami? DM me,” was sprawled across the billboard that resembled a tweet.

Mayor Francis Suarez's billboard in San Francisco target big tech companies to relocate to Miami.

This particular signage is right above the 9th Street exit off westbound I-80 that leads to Twitter’s San Francisco headquarters. The only information we do know is that Twitter employees are currently working remotely until the end of summer 2021.

His campaign seems to be working with a few known tech giants and companies committing to relocating to Miami. Keith Rabois, former executive of Square and Paypal, David Blumber-Manager of Blumberg, and Scott Absher- CEO of ShiftPixy are just a few.

“My job is… to make sure people understand this is not a moment. This is a movement,” he said. “We’re going to continue to do everything we can to attract the entrepreneurial and intellectual class of our country to Miami to create high-paying jobs in a city like ours that wants to continue to grow,” says Mayor Suarez.