Chicago City Wire

After pumping $50 million into the doomed Richard Irvin campaign for governor, billionaire hedge fund manager Ken Griffin is calling it quits in Illinois. 

An internal memo at Griffin’s Citadel Securities notes the company's intention to move from Chicago to Miami. 

“Dear Colleagues, I am excited to share with you that Citadel is moving its global headquarters to Miami," Griffin said in the memo published in its entirety by Fortune. "Miami is a vibrant, growing metropolis that embodies the American Dream—embracing the possibilities of what can be achieved by a community working to build a future together. 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 mentioned that “Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois."

However, over the past year, he noted that many of their Chicago teams have asked to relocate to Miami, New York and other offices, globally. Its Miami office will be at 425 Park Avenue, with an extension at 350 Park Avenue, and its headquarters along Brickell Bay.

"[I]n the heart of Miami's booming financial district, we are in a strong position to support these transitions, he added. "We recognize that the choice of where to call home involves personal, family, school and other considerations, and we will provide comprehensive support to meet the needs of our teams.” 

Griffin ended his email reminiscing how the firm looked at the State over three decades ago.

“Chicago has been a remarkable home for Citadel," he said. "I still remember the incredible civic pride and engagement when I arrived more than thirty years ago—and the outreach by business and political leaders who wanted us to succeed and be a part of the fabric of Chicago's community. That ethos served us well in building our firm—and I am proud of all that we have contributed to Chicago over the past three decades. I hope we continue to make such a meaningful impact in all the cities around the world that we call home. With excitement for what is ahead, Ken” 

Irvin’s candidacy has taken a hit despite $50 million in campaign funds provided by the billionaire Griffin. Amid slumping poll numbers State Rep. Ryan Spain (R-Peoria) has switched his endorsement from Irvin to downstate entrepreneur Jesse Sullivan. Spain is one of many rumored to be abandoning the Irvin campaign. The move away from the Irvin campaign by entrenched Republicans came just before Griffin’s announcement that Citadel would be leaving Chicago.

Citadel noted the move is based on insecurity in Chicago. 

“The firms are having difficulty recruiting top talent from across the world to Chicago given the rising and senseless violence in the city,” said Zia Ahmed, a Citadel spokesman, told the New York Times. “Talent wants to live in cities where they feel safe.”

According to WTTW, the city has already seen 1,184 shootings and 239 homicides through the first five months of 2022.

Meanwhile, Miami has only experienced 30 homicides over the same time period.

Former federal prosecutor Tom Hogan recently asserted that Cook County State's Attorney Kim Foxx was among the nation's top five worst prosecutors because she abandoned even the most serious cases. He mentioned a well-known gang shooting where one person was killed in his assessment. Foxx first opposed all charges but then agreed to reduce them to just one count of aggravated unlicensed use of a weapon against a gang member.

The city's overall crime problems are reflected in the murder rate. Many have attributed Chicago's crime issues to the city's inability to imprison criminals. After Foxx decided to only file charges for shoplifting over $1,000 in 2016, shoplifting has grown to be a significant issue, leading to the complete closure of several enterprises. Business owners in Chicago have expressed concern that allowing rampant crime and failing to hold offenders accountable for their crimes fosters more serious crimes like murder. Lori Lightfoot, the mayor of Chicago, has previously criticized business owners for failing to hire security guards because of the city's high crime rate, According to City Journal.