Chicago’s loss is Miami’s gain: Ken Griffin is packing up and moving south

Ken Griffin, the billionaire hedge fund manager and founder of Citadel and Citadel Securities, is moving the companies’ headquarters out of Chicago.

And the new HQs will be…, in Miami.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Simply, Chicago’s richest person has packed up and with that, a potential impact on Chicago is loading. For one, Ken Griffin is among the largest employers in Chicago with over 1000 employees. As a result of this relocation, hundreds are expected to relocate to Miami as the billionaire moves his base.

Also, Griffin has been a big benefactor of the state in terms of charitable causes, a philanthropist who has given hundreds of millions of dollars to local causes.

Miami is set to gain massively from these initiatives, as hundreds of employees move in to potentially see a boost to the city’s real estate sector, including the setup of the hedge fund giant’s headquarters in the business district.

The political circle will also likely see some shift, with the billionaire – whose estimated net worth is over $25 billion – having played a significant part in the politics of Chicago over the years that he has operated out of the Windy City.

Citadel’s relocation come amid compaints over massive insecurity in Chicago, with Griffin commenting on how colleagues have been “mugged at gun-point.”

It also comes as several other companies have indicated potential moves, with the likes of New York headquartered Goldman Sachs and Blackstone increasing their presences in Florida.

The Mayor of Miami Francis Suarez has welcomed the hedge fund billionaire to the city.