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Jonathan Levin

Ken Griffin Makes Wall Street South in Miami a Reality

Citadel’s arrival cements South Florida’s role in the investment management industry. But it could help price out the people who made the area great.

Miami needs to protect its ordinary residents.

Miami needs to protect its ordinary residents.

Photographer: Joe Raedle/Getty Images

Ken Griffin is turning Wall Street South into a reality. After years of speculation, the billionaire supporter of Governor Ron DeSantis of Florida is moving his hedge fund and market-making businesses to Miami from Chicago, cementing the area’s status as an attractive destination for finance and investment jobs.

The arrival of Griffin’s firms, Citadel and Citadel Securities, marks an exciting development for a region that has struggled to establish an economic identity outside of trade and the low-paying tourism industry. For years, it has been a place where the wealthy spent leisure time and acquired real estate but not where most of them earned their living. That drove many of the brightest young Miami minds elsewhere.