Kenneth C. Griffin: Difference between revisions

Ken Griffin
Ken Griffin
	Kenneth C. Griffin at Harvard University celebration of the Griffin Financial Aid office. In 2015, Harvard University renamed its Financial Aid Office in honor of Ken Griffin.
Born	Kenneth Cordele Griffin; October 15, 1968 (age 55); Daytona Beach, Florida, U.S.
Education	Harvard University (B.A.)
Occupation(s)	Investor, economist
Years active	1990–present
Known for	Founder and 85% owner of Citadel and Citadel Securities; The creation of Citadel Technologies;
Title	Citadel CEO
Political party	Independent
Spouse	Divorced
Children	3
Awards	Alpha's Hedge Fund Hall of Fame; Hedge Fund Lifetime Achievement Award; Navy SEAL Patriot Award;

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Kenneth Cordele "Ken" Griffin (born October 15, 1968) is a self-made billionaire, American investor and economist. Griffin attended Harvard University, where he launched his first fund from his dormitory room at the age of 19. He is the founder, chief executive officer, and 85% owner of Citadel LLC and Citadel Securities.^[3] The two businesses provide Trading services to Asset managers, banks, broker-dealers and hedge fund, with offices across North America, Europe and Asia Pacific. Griffin, is a notable philanthropist, with a deep history of supporting world-class institutions in the areas of Education, arts and culture and Economics.

Early life and education

Mr. Griffin was born in 1968 in Daytona Beach, Florida, the son of a building supplies executive. Griffin's father was a project manager for General Electric.^[4] Griffin's grandmother, Genevieve Huebsch Gratz, inherited an oil business, three farms, and a seed business.

Mr. Griffin grew up in Boca Raton, Florida, with some time in Texas, and Wisconsin.^[5] He went to middle school in Boca Raton^[4] followed by Boca Raton Community High School, where he was the president of the math club.^[5]^[6] In high school, Griffin ran a discount mail-order education software firm out of his bedroom called EDCOM.^[6] In a 1986 article in a local newspaper, Griffin stated that he thinks he will become a businessman or lawyer and that he believed the job market for computer programmers will significantly decrease over the coming decade.^[6]

Griffin started at Harvard College in the fall of 1986.^[5] That year, one of his first investments was to buy put options on Home Shopping Network, making a $5,000 profit.^[7] He also invested in convertible arbitrage opportunities in convertible bonds.^[5] Despite a ban on running businesses from campus, Griffin convinced school administrators to allow him to install a satellite dish on the roof of the Cabot House dormitory to receive stock quotes.^[7]^[5] He also asked the manager of convertible bonds at Merrill Lynch in Boston, to open a brokerage account for him with $100,000 that Griffin had gotten from his grandmother, his dentist, and others.^[4]^[5] His first fund launched in 1987 with $265,000, days after his 19th birthday.^[5] The fund launched in time to profit from short positions on Black Monday (1987).^[5] Griffin graduated in 1989 with a degree in Economics.^[8]

Career

After graduating in 1989, Griffin moved to Chicago to work with Frank Meyer, founder of Glenwood Capital Investments.^[9]^[10] Meyer allotted $1 million of Glenwood capital for Griffin to trade^[10] and Griffin made 70% in a year.^[5]

A year later, in 1990, Griffin founded Citadel, with assets under management of $4.6 million, aided by contributions from Meyer.^[10] His funds made 43% in 1991 and 40% in 1992.^[7]

Wealth

In 2003, aged 34, Griffin was the youngest self-made individual on the Forbes 400 with an estimated net worth of $650 million.^[11]

In 2006, Citadel acquired the positions of Amaranth Advisors at a steep discount.^[5]

Mr. Griffin is one of the richest person in America and frequently one of the highest earning hedge fund managers, earning in excess of $1 billion per year.^[12] ^[13] ^[12]^[14] From Citadel, Griffin earned $900 million in 2009,^[15] $1.4 billion in 2014^[16] $600 million in 2016,^[17] $1.4 billion in 2017,^[18]^[19] $870 million in 2018,^[20] $1.5 billion in 2019,^[21] and $1.8 billion in 2020.^[22]

In November 2020, according to Bloomberg News Griffin's net worth surpassed $20 billion due to an increase the value of Citadel.^[23] Citadel Securities, a market maker, increased its profit to $2.36 billion during the first half of 2020 compared to $982 million for the same period in 2019 due to increased volatility, volume and retail trader engagement.^[24]^[25]

Citadel

Citadel LLC manages the capital of prominent investors from around the world including retirement programs, endowment programs and foundations and sovereign wealth funds. Citadel is widely known as a worldwide conglomerate with dozens of companies, billions in equities. Citadel has more than 3,000 employees, with operational headquarters in Manhattan, corporate headquarters in Chicago, London, Hong Kong, Canada, Shanghai, Singapore and Sydney, and offices throughout North America, Asia, and Europe.^[26]^[27]The company categorizes its areas of operations into distinct segments and groups their subsidiaries into three companies: Citadel the asset manager, Citadel Securities the market maker, and Citadel Technology.

Citadel Securities

Citadel Securities is a leading global market maker, delivering a broad array of fixed income and equity products to banks, broker-dealers, government agencies, corporations, insurers, and sovereign wealth funds. In 2016, Citadel Securities became the #1 Designated Market Maker (DMM) with the largest footprint on the New York Stock Exchange (NYSE), responsible for trading approximately 1,500 issuers who represent about $9 trillion of market cap.^[28] Citadel Securities, handles 40% of the stock trades in the United States, as of March 2021, when the coronavirus pandemic and a Russia-Saudi Arabia oil price war triggered a market sell off.^[29]^[30]

File:Do Right and Feed Everyone.jpg

“Do Right and Feed Everyone,” United States Secretary of Agriculture visits the New York Stock Exchange.

Citadel Technology

Citadel Technology, established in 2009, is the wholly owned and independently operated affiliate of Citadel.^[31]^[32] It offers investment management technology, developed internally at Citadel, to a wide range of firms and funds.^[33] In 2013, Citadel Technology announced a partnership with REDI. The partnership combines Citadel's order management system (OMS) with REDI's execution management capabilities (EMS).^[31]

Philanthropic legacy

Harvard Legacy for Financial Aid

In 1999, in his 10th Reunion year, he established a scholarship at the College in honor of his grandfather, Wayne R. Gratz. Griffin serves on the Faculty of Arts and Sciences Financial Aid Task Force, in which he played a key role in establishing new financial aid case statement for the college, leading to new policies that expanded the reach of the financial aid program. In 2015, the Griffin Financial Aid Office was officially established, providing need-based aid to bring poor and minority students to Harvard University, regardless of race, gender, religion, or financial ability.^[34]^[35]^[36]^[37]

Kenneth C. Griffin Department of Economics

In 2017, the Kenneth C. Griffin Department of Economics was created to provide financial aid for undergraduate and graduate students at the University of Chicago. ^[38]^[39]^[40] In 2019, Mr. Griffin established the Griffin Applied Economics Incubator, as a scientific initiative within the Kenneth C. Griffin Department of Economics' suite of programs. KCGRI's mission is to improve the understanding of one of humanity’s most urgent issues is the reduction of global poverty, in all its forms. The incubator is located in the University of Chicago and represents a major hub for generating key initiatives that drive broad-based thought and policy changes.^[41]

The Kenneth C. Griffin Museum of Science and Industry

In October 2019, Griffin's charitable fund announced a $125 million gift to the Museum of Science and Industry in Chicago, the largest gift in the museum's history. The building have the word "museum" appended to its name as the Kenneth C. Griffin Museum of Science and Industry in honor to Mr. Griffin.^[42]^[43]^[44]

Griffin's charitable fund

Griffin's charitable giving has left a legacy of donations to universities, churches, museums, public schoolsl, law enforcement and other government agencies in the United States. Through the Griffin's charitable fund, Mr. Griffin has been a major benefactor of Harvard University and the University of Chicago. In 2010, Griffin contributed to the Chicago Symphony Orchestra's productions at Millennium Park. In 2011, Griffin contributed to build a new chapel at Fourth Presbyterian church of Chicago.^[45] The modern building is called "The Gratz Center" in honor of Griffin's grandparents. In 2019, Griffin donated $21.5 million to the Field Museum of Natural History and its dinosaur exhibit is named the Griffin Dinosaur Experience.^[46]

In response to the COVID-19 pandemic, Griffin contributed millions to support scientific research to protect people from the disease, in addition to multiple initiatives to provide food, medicine and services for marginalized communities affected by the pandemic.^[47]^[48]^[49]

Politics

The White House and the U.S Senate

Mr. Griffin serves as national finance chair for the US Senate.^[50] Mr. Griffin has held a series of meetings with the White House and the Federal government of the United States, including the President's Strategic and Policy Forum, providing counsel to revitalize the American economy and create millions of jobs.^[51]

Gun violence

Mr. Griffin substantially escalated the use of technology to tackle crime, gun violence, and the collateral costs the criminal justice system. Via Griffin's charitable fund he has donated millions to reduce violent crime in Chicago. Through collaborations with the crime and education lab not just at the University of Chicago but at leading institutions such as UC Berkeley, Carnegie Mellon University, Cornell, Duke, University of Michigan, Northwestern University, New York University (NYU), Princeton University, University of Pennsylvania, and Yale University. The program collects and analyzes gunshot data in high-crime districts with the goal of preventing and responding to shootings. Murders in the city of Chicago went down 17 percent the first year compared with the same period of the previous year. In addition, Griffin funded the launching of two programs aimed at preventing issues that may lead to suicides or excessive force by officers.^[52]^[53]^[54]^[55]^[56]^[57]^[58]

Honors and awards

In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of fame along with Jim Simons, Alfred Winslow Jones, Bruce Kovner, David Swensen, George Soros, Jack Nash, Julian Roberston, Leon Levy, Louis Bacon, Michael Steinhardt, Paul Tudor Jones, Seth Klarman and Steven A. Cohen.^[59]^[60]

2008, Golden Plate Award of the Academy of Achievement presented by Awards Council member Richard M. Daley, the Mayor of Chicago^[61]^[62]

2017, Institutional Investor's Lifetime Achievement Award^[63]
2017, Navy SEAL Patriot Award^[64]

Controversies

In November 13, 2008, Griffin ran into criticism during the subprime mortgage crisis of 2007 and 2008. He testified before Congress to address his role in the financial crisis.^[65]^[66]

In April 2016, Citadel became the largest shareholder of McDonald's. Mr. Griffin was the target of protestors demanding a $15 hourly wage.^[67]

In January 2020, Griffin attracted criticism for the controversial facial recognition programs used by Chicago Police. In May 2020, Chicago police confirmed that the department was no longer using facial recognition.^[68]

Ken Griffin has faced many controversies involving his real net worth, according to CNBC, Citadel had nearly $176 Billion in regulatory assets under management reported with the Securities and Exchange Commission (SEC).^[69] Even former president of the United States Donald Trump, during a signing ceremony for the phase-one trade deal with China at the White House, publicly accused Mr. Griffin to try to hide his money.^[70]^[71]^[72]“The way to think about Citadel is as the Amazon of trading,” says a capital markets technology analyst at Aite Group.^[73]^[74]

In late 2020, Griffin was involved in the biggest tax battles of the year. According to Illinois Board of Elections records, Ken Griffin donated $58 million of his own money to the Coalition To Stop The Proposed Tax Hike Amendment. The Tax Amendment was defeated in November of the same year.^[75]^[76]^[77]

In 2021, Griffin testified before the House Financial Services Committee to address Citadel’s role in the GameStop short squeeze controversy, about the information his company was able to garner from the flows of retail clients, and specially, on the idea that he was playing both sides of the short squeeze. Griffin stated "he doesn’t have any", during a virtual House Financial Services Committee hearing on February 18.^[78]

Personal life

Griffin has contributed tens of millions of dollars to political candidates and causes. He is a major donor to museums, including the Whitney Museum of American Art and the Museum of Modern Art in New York City, and the Art Institute of Chicago. He owns an art collection valued at $800 million and personal residences valued in total at over $1 billion. His 2015 purchase of two paintings for $500 million represented the largest private art deal ever. The vast majority of Griffin’s art collection is on display at museums for the public to enjoy. His purchases of residences in London and New York City, for $122 million and $238 million, respectively, broke records for the highest prices paid for residences in those cities. Griffin owns two private jets: a 2001 Bombardier Global Express, and 2012 Bombardier Global 6000, manufactured by Bombardier Aerospace for Military missions and Combat missions, including those used by the 89th Airlift Wing which flies the President of the United States.^[79]^[80]

Mr.Griffin was married twice and has three children with his second ex-wife. Mr. Griffin maintains joint custody of his children.^[81]^[82]

Bibliography

Op-eds

Kenneth Griffin (July 9, 2020). Listing on U.S. Exchanges Is a Privilege. Bloomberg News.
Kenneth Griffin (September 4, 2020) Why I oppose the graduated income tax. Chicago Tribune.

References

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^ ^a ^b ^c "Boy Wonder". Institutional Investor. August 31, 2001.
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^ Maloney, Tom; Bakewell, Sally (September 25, 2020). "Citadel Securities Doubled Profit as Dominance Grew in 2020". Bloomberg News.
^ Sardana, Saloni (June 22, 2020). "Ken Griffin's Citadel Securities is cashing in on the day-trading boom by buying customers' orders". Business Insider.
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^ https://www.reuters.com/article/us-citadel-singapore/citadel-securities-hedge-fund-citadel-to-open-new-office-in-singapore-idUSKBN25K08J
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^ "Museum of Science and Industry Announces Historic Gift From Kenneth C. Griffin Charitable Fund" (Press release). Business Wire. October 3, 2019.
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^ https://www.chicagotribune.com/entertainment/ct-xpm-2012-12-19-ct-ent-1220-4th-pres-20121219-story.html
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^ https://chicago.suntimes.com/2020/5/28/21273248/aclu-sues-clearview-ai-facial-recognition-technology-chicago-police-department
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^ Donovan, Lisa (January 16, 2020). "At White House ceremony, President Trump calls out for no-show Chicago billionaire Ken Griffin: 'Where the hell is he?'". Chicago Tribune. Archived from the original on April 30, 2020.
^ "Remarks by President Trump at Signing of the U.S.-China Phase One Trade Agreement". whitehouse.gov (Press release). January 15, 2020 – via National Archives.
^ McEnery, Thornton (January 16, 2020). "Trump asks absent hedge fund billionaire Ken Griffin to stand at trade signing". New York Post. Archived from the original on October 26, 2020.
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^ https://www.chicagomag.com/Chicago-Magazine/December-2020/Ken-Griffin-Fair-Tax/
^ Griffin, Ken. "Commentary: Ken Griffin: Why I oppose the graduated income tax". Chicago Tribune. Archived from the original on September 7, 2020.
^ Hinton, Rachel (September 4, 2020). "Deep-pockets dogfight? Billionaires Ken Griffin and Gov. Pritzker dig into wallets in battle over income tax". Chicago Sun-Times. Archived from the original on September 8, 2020.
^ https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=407107
^ https://www.businessinsider.com/us-air-force-private-jet-bombardier-crash-afghanistan-2020-1
^ Huddleston Jr., Tom (March 7, 2020). "This hedge fund billionaire owns the most expensive home ever sold in America — here's how he spends his fortune". CNBC.
^ Fox, Emily Jane (October 5, 2015). "Billionaire Ken Griffin Is Back in Court Fighting Over His Pre-Nup". Vanity Fair. Archived from the original on August 15, 2020.
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[1] ttps://www.chicagobusiness.com/finance-banking/ken-griffins-covid-year-featured-planes-palm-beach-philanthropy

[bezos_net-2] "Bloomberg Billionaires Index: Ken Griffin". Bloomberg L.P. Archived from the original on March 3, 2021. Retrieved May 15, 2021.

[farbehind-3] Copeland, Rob (August 3, 2015). "Citadel's Ken Griffin Leaves 2008 Tumble Far Behind". The Wall Street Journal. Dow Jones & Company. ISSN 0099-9660. Archived from the original on December 13, 2019.

[nextgoldman-4] Anderson, Jenny (April 4, 2007). "Will a Hedge Fund Become the Next Goldman Sachs?". The New York Times. ISSN 1553-8095. Archived from the original on November 16, 2017.

[thefile-5] ^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j Meyer, Graham (June 8, 2011). "The File on Citadel's Ken Griffin". Chicago. ISSN 0362-4595. Archived from the original on December 14, 2019.

[arena-6] Santaniello, Neil. "FOR TEAM OF BOCA STUDENTS, COMPUTER'S SCREEN IS ARENA". Sun-Sentinel. Archived from the original on October 27, 2020.

[boywonder-7] "Boy Wonder". Institutional Investor. August 31, 2001.

[8] Clarida, Matthew Q.; Hashmi, Amna H. (February 19, 2014). "Griffin '89 Gives $150 Million to Harvard, Largest Gift in College's History". The Harvard Crimson.

[9] Kolhatkar, Sheelah (April 16, 2007). "Opening Up the Citadel". American City Business Journals. Archived from the original on October 26, 2020.

[superstar-10] Vickers, Marcia (April 3, 2007). "A hedge fund superstar - Citadel founder Ken Griffin is already one of the world's most powerful investors". Fortune. Archived from the original on December 14, 2019.

[11] "America's rich get richer". CNN. September 19, 2003. Archived from the original on December 26, 2019.

[forbes-12] "Ken Griffin - Founder & CEO, Citadel LLC". Forbes. ISSN 0015-6914. Archived from the original on November 5, 2017.

[BBI-13] "Bloomberg Billionaire Index: Ken Griffin". Bloomberg L.P.

[14] Strahler, Steven R. (September 11, 2020). "Turns out the richest Illinoisan is not Ken Griffin". Crain Communications. Archived from the original on October 17, 2020.

[15] Veneziani, Vince (April 1, 2010). "Meet The Top 10 Earning Hedge Fund Managers Of 2009". Business Insider.

[16] Gandel, Steven (May 5, 2015). "The highest paid hedge fund manager only made $1.3 billion last year". Fortune.

[17] "Kenneth Griffin". Institutional Investor.

[18] Frank, Robert (May 30, 2018). "These hedge fund managers made more than $3 million a day last year". CNBC. Archived from the original on October 12, 2020.

[19] Janssen, Kim. "Ken Griffin rated nation's best-paid hedge fund manager, again". The Capital. Archived from the original on October 27, 2020.

[20] Maloney, Tom (February 15, 2019). "The Best-Paid Hedge Fund Managers Made $7.7 Billion in 2018". Bloomberg News. Archived from the original on October 12, 2020.

[21] Franck, Thomas (March 26, 2020). "Hedge fund titans Simons, Griffin, Cohen and Tepper earned $1 billion in 2019 before virus outbreak". CNBC. Archived from the original on May 27, 2020.

[22] Taub, Stephen (February 22, 2021). "The 20th Annual Rich List, the Definitive Ranking of What Hedge Fund Managers Earned in 2020". Institutional Investor.

[dream-23] Maloney, Tom (November 2, 2020). "Ken Griffin's Macro 'Dream' Propels Net Worth to $20 Billion". Bloomberg News.

[24] "Citadel Securities doubled profit as dominance grew in 2020". Crain Communications. September 25, 2020.

[25] Maloney, Tom; Bakewell, Sally (September 25, 2020). "Citadel Securities Doubled Profit as Dominance Grew in 2020". Bloomberg News.

[26] Sardana, Saloni (June 22, 2020). "Ken Griffin's Citadel Securities is cashing in on the day-trading boom by buying customers' orders". Business Insider.

[27] "Ken Griffin has another money machine to rival hedge fund". Crain Communications. Bloomberg News. December 11, 2019. Archived from the original on October 23, 2020.

[28] ttps://www.citadelsecurities.com/news/official-citadel-securities-1-designated-market-maker-nyse/

[29] "About Citadel - Global Multistrategy Hedge Fund & Asset Management". Citadel LLC.

[30] ttps://www.reuters.com/article/us-citadel-singapore/citadel-securities-hedge-fund-citadel-to-open-new-office-in-singapore-idUSKBN25K08J

[wallstreettech-31] Schmerken, Ivy (September 25, 2013). "REDI and Citadel Technology Tackle the "Holy Grail"". InformationWeek. Archived from the original on February 26, 2015. Retrieved February 26, 2015.

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