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Charles Gasparino

Charles Gasparino

 Business
on the money

Ken Griffin’s biggest problem in moving Citadel from Chicago to Miami is not what you think

By
Charles Gasparino
Published Oct. 25, 2024, 12:16 p.m. ET

You might think the biggest problem billionaire Citadel boss Ken Griffin faces in moving his hedge fund and market-making empire from crime-ridden Chicago to the sunny and far less dangerous confines of Miami is the cost of the move. Yes, his team will be eating losses on expensive real estate (including his Chicago penthouse) that they need to unload at fire sale prices.

But an even bigger issue, company insiders tell On The Money, is finding enough high-end private schools to accommodate his fat cat bankers and traders who are also making the move and worrying about whether the Sunshine State can provide a decent education for their kids.

“There just aren’t enough of these places,” one source said.

Ken Griffin
Ken Griffin and other fat cat bankers and traders who are fleeing to the Sunshine State wonder if the state can provide a decent education for their kids. Jack Frobes

As a proud graduate of the very public Yorktown High School in Westchester County, I’m hardly an expert at private schools here in New York much less south Florida. So I consulted that invention known as “The Google” for the best private schools in the area.

One national top-10 list featured just a single Miami-area private school – Ransom Everglades – in its ranking, which is why Kenny G is freaking out as his well-heeled staff faces long wait lists for little buffy and biff to get their high-end education.

It’s well documented that south Florida’s population has swelled in recent years, particularly from an influx of residents fleeing harsh COVID lockdowns in blue states and defund the police movements that has led to sharp spikes in crime in New York City, Chicago, etc. 

But it’s not just the masses running for their lives. Big businesses like Goldman Sachs, Blackstone, major hedge funds and yes Citadel are opening offices in the area looking to tap into the state’s lower taxes as well. 

Needless to say there has been a major transplant of wealth to south Florida. Business Insider reported that Miami’s population of millionaires spiked a whopping 78% over the past 10 years (citing the firm Henley & Partner), all of which has put a huge strain on the area’s upscale private school infrastructure.

“The word is that Griffin’s biggest concern is the private school shortage,” the company insider said. 

A Citadel spokesman had no comment.