4 Citadel team members share insights on life in Miami two years post Ken Griffin’s relocation of company headquarters
- Nearly two years ago, Citadel and Citadel Securities made the move to Miami.
- BI interviewed a portfolio manager, a quant researcher, and two other staff members about their transition to Florida.
- Here’s a glimpse into how their daily routines and work dynamics have evolved.
The trading floor at Citadel’s Miami headquarters seems to hover in mid-air.
Perched more than 30 stories high in the Southeast Financial Center, Citadel and its affiliate, Citadel Securities, boast floor-to-ceiling windows that offer a breathtaking view of Biscayne Bay, creating an illusion of the office floating above the bay below. The vista includes a sprawling cruise port directly ahead, followed by Fisher Island, an exclusive enclave of waterfront estates accessible only by ferry. In the distance, South Beach’s shoreline comes into view.
This picturesque scene exudes a sense of leisure, sunshine, and recreation, evoking a vacation-like ambiance. However, this idyllic setting starkly contrasts with the intense financial activities taking place within: the hedge fund engages in high-stakes investments across various markets, while Citadel Securities, a prominent market maker, executes a quarter of all equity trades in the US.
Just under two years ago, Ken Griffin, the founder of Citadel and Citadel Securities, made waves in the financial realm by relocating the combined companies’ global headquarters to Miami, a surprising move that bypassed New York City, where they still maintain offices. This decision followed Griffin’s public remarks about local crime rates and other factors influencing the relocation.
Since this pivotal move, several other financial entities have either shifted to or expanded their presence in Miami. For instance, private equity firm Thoma Bravo established its Miami office in 2022, Goldman Sachs expanded its footprint, and Millennium is constructing a new [ppp1]. Griffin envisions a future where Miami could potentially rival as the financial hub of the United States, a sentiment he shared with Bloomberg in November.
But what is the actual experience of working and residing in a city renowned more for its beachgoers than its financial professionals? To gain insight into how Citadel’s staff members are adapting to this change, BI conversed with four employees from Citadel and Citadel Securities regarding their Miami experience. Among those interviewed, two relocated from New York City, one from London, and another from Seattle.
Here’s a glimpse into life in the Magic City from the perspective of these individuals, covering aspects such as quality of life, work culture, and newfound personal pursuits.
Citadel’s Miami office boasts a stunning view of Biscayne Bay and downtown Miami.
Insights on Citadel Work Environment
Citadel and Citadel Securities are distinguished for recruiting top talent from leading math and computer science programs and other prominent financial institutions like Goldman Sachs. The recruitment process is rigorous, reflecting the high stakes involved in financial dealings. For instance, traders often work long hours to stay abreast of market developments.
However, Citadel and its affiliate are also known for pampering their employees, a trend that appears to continue for those who relocated to Miami. Staff members at the Miami office enjoy a range of activities and events, including upcoming outings to cultural performances like “Hamilton” by Lin-Manuel Miranda, Miami Dolphins games, and the F1 Miami Grand Prix, as per a company spokesperson.
Additionally, Citadel and Citadel Securities cover the expenses for employees and their partners to visit Miami for a week, offering them a glimpse of what life in the city entails. Maksim Solovjov, the lead of the engineering team for options market-making, and his spouse capitalized on this opportunity about a year before moving from London to Miami in July 2023.
“We explored various parts of Miami during that week and realized that this was where we wanted to live,” Solovjov shared. “Our move was informed by our positive experience during the visit.”
Evolving Landscape
While Miami may not have yet claimed the title of the financial capital, Citadel’s presence has undoubtedly enhanced the city’s appeal to finance professionals. Citadel’s move has brought a new level of credibility and significance to Miami’s financial landscape, contrasting with the transient influx during the pandemic.
Rich Cummings, a portfolio manager and one of the early Miami transplants, initially visited the city as a short getaway in March 2020. Impressed by the city’s offerings, he and his spouse decided to extend their stay indefinitely.
“Despite the closures due to the pandemic, we found solace in activities like biking and beach walks. Miami’s charm captivated us, prompting us to make it our permanent residence,” Cummings remarked.
Over time, Miami has witnessed a surge in financial entities setting up or expanding operations in the city. Citadel and Citadel Securities have already amassed around 300 employees in their Miami office, with plans for further expansion in the coming months and years.
Moreover, the company is gearing up for two office upgrades, with teams relocating to the city’s newest office building later this year and eventually to their state-of-the-art $1 billion headquarters at 1201 Brickell Bay Drive.
Rich Cummings, a portfolio manager at Citadel’s $59 billion hedge fund, made the move to Miami in 2020.
Weather Patterns
While discussing the weather as a perk of living in Miami may sound cliché, some employees were taken aback by the climate shift upon moving to the city.
“I underestimated the impact of the sunny weather,” remarked Liz Boyhan, a fixed-income salesperson at Citadel Securities who relocated from New York in September 2022 after a lifetime in the Northeast.
Boyhan, who resides in Brickell and enjoys a brief stroll to Citadel’s Downtown Miami office, appreciates the serene morning walks under the sun. Establishing a routine of arriving at the office by 7 a.m. and departing before 6 p.m., she values these peaceful moments amidst the fast-paced financial industry.
Cupjin Huang, a recent addition to Citadel Securities as a [ppp2], relocated from Seattle during the winter months. Reflecting on the transition, Huang expressed relief at bidding farewell to Seattle’s harsh winter conditions, finding renewed motivation in Miami’s sunny ambiance.
Even Huang’s furry companion, Rufus, a Pitbull-Chihuahua mix, appears more cheerful in the Miami climate.
“In Seattle, walking Rufus could be unpleasant due to the cold and wet conditions. Miami’s weather has been a welcome change for both of us,” Huang shared.
While Miami’s tropical climate offers abundant sunshine, it also brings challenges like scorching summer temperatures, high humidity, daily rain showers, and [ppp3]. Some residents seek respite from the heat, while others embrace it entirely. Nevertheless, the daily dose of sunshine proves transformative for individuals accustomed to overcast skies in their former cities.
Huang added, “I always dreamt of retiring in a sunny locale like Hawaii. Now, I get to relish the sunshine daily while pursuing work I’m passionate about.”
Cupjin Huang, a quant researcher at Citadel Securities, enjoys the Miami weather with his dog Rufus.
Pace of Life
Miami pulsates with its unique energy, offering a blend of vibrancy and tranquility that resonates with Citadel employees interviewed by BI. While the city exudes a bustling ambiance, it also provides a respite from the frenetic pace of other metropolises.
“I was initially apprehensive about the lifestyle aligning with our expectations, but Miami surprised us with its balance between urban dynamism and outdoor serenity,” noted Boyhan. “In New York, the packed schedule often revolves around dining out, whereas Miami offers diverse avenues for social engagement.”
Cummings concurred, emphasizing Miami’s emphasis on well-being, cultural enrichment, and community engagement.
“My favorite aspect of Miami is its quality of life, emphasizing health, arts, and community,” Cummings shared. “The city fosters a holistic approach to living.”
Despite the paradisal view from his office, Solovjov asserted that work remains the focal point, with the scenic backdrop enhancing rather than distracting from their professional endeavors.
“Although the view from my office is breathtaking, work remains the priority. The surroundings add vibrancy to our daily tasks,” Solovjov affirmed.
“Work feels like work,” Boyhan added. “We’re not lounging on the beach with our laptops.”
Fitness Culture
Brickell experiences a surge in traffic every Tuesday evening, courtesy of the Brickell Run Club, a local group that organizes a weekly 5K run. This exemplifies Miami’s pervasive fitness culture, offering Citadel employees like Boyhan ample opportunities for physical activities.
“Miami caters to diverse lifestyles, allowing us to lead more active lives, a key aspect we sought,” Boyhan remarked.
Post-work hours see Boyhan engaging in yoga, tennis, or leisurely strolls around Brickell Key, an island adjacent to the main Brickell area.
Cummings and his spouse frequent Barry’s Bootcamp on weekends, cultivating friendships and professional connections within the fitness community.
Miami’s accessibility to outdoor pursuits, from cycling to beach outings, appealed to Cummings and his spouse, fostering a more active lifestyle.
“Every weekend, you’ll find us at Barry’s Bootcamp. We’ve made friends and business relationships there,” Cummings shared.
Miami Beach bike lanes.
Navigating a Car-Centric City
Miami’s public transportation system, though present, pales in comparison to more extensive networks like New York’s subway system. Solovjov and his family, residing in Brickell, often rely on Miami’s free trolley service or the Metrorail train for commuting. The walkable nature of Brickell and downtown Miami enables them to explore the city on foot frequently.
Upon relocating to Miami while his wife was seven months pregnant, Solovjov opted for a car to facilitate their exploration of the city, from Orlando to Key West.
“To fully explore Miami, having a car is essential,” Solovjov acknowledged.
While the prospect of bidding adieu to the New York City subway system may sound appealing, Miami’s traffic congestion rivals that of major cities like Los Angeles and New York. Inrix’s report ranking Miami as the [ppp4] globally underscores the city’s traffic challenges, with a 30% surge in congestion from 2021 to 2022.
Despite not owning a car herself, Boyhan finds Miami’s transportation options convenient, often opting for walking or Uber rides. She notes that transportation costs are reasonable, with traffic congestion posing occasional inconveniences during peak hours.
Liz Boyhan, a member of Citadel Securities’ fixed-income sales team, explores Miami with her mother.
Family-Oriented Living
Solovjov’s perspective on Miami underwent a transformation upon embracing parenthood, viewing the city through a parent’s lens. He lauds Miami’s child-friendly amenities, including numerous parks, playgrounds, and family-centric events.
“Miami offers a plethora of child-friendly spaces, from parks to playgrounds, creating an enriching environment for families,” Solovjov remarked.
One of Solovjov’s favorite spots in Miami is the Fairchild Tropical Botanic Gardens in Coral Gables, a family-friendly destination featuring attractions like the butterfly garden.
Solovjov’s positive outlook on Miami as a family-friendly locale aligns with the Miami-Dade public schools’ reputation. However, the surge in out-of-state residents has strained private school enrollment, prompting families to delay real estate purchases until securing school placements.
Maksim Solovjov, who relocated to Miami with his wife in July 2023, explores Fairchild Tropical Botanic Gardens with his daughter.
Local Favorites
When asked about their preferred spots in Miami post-relocation, Solovjov highlighted the botanical garden, while Huang, a recent Miami transplant, continues to explore the city’s offerings.
Boyhan emphasized the diverse experiences Miami offers beyond its stereotypical attractions, singling out The Broken Shaker—a quirky bar nestled in a Miami Beach hotel backyard—as her go-to spot. The bar’s eclectic menu, featuring signature drinks like the “Tropical Storm” and a Coco Puffs-infused Old Fashioned, coupled with a delectable food selection, resonates with Boyhan’s taste.
Cummings reserves Casa Tua, an Italian al-fresco eatery in South Beach, for special occasions. The restaurant’s lush garden setting provides a serene backdrop for savoring pasta dishes and fostering memorable dining experiences.
Solovjov’s advice for newcomers, applicable in any city, is to rely less on navigation apps and embrace spontaneous exploration to truly assimilate into the local culture.
“Disconnecting from Google Maps fosters a sense of belonging and familiarity with the city. It’s essential to feel at home in a new place,” Solovjov shared.
Miami’s Financial Evolution
Despite Griffin’s vision of Miami as a burgeoning financial hub, the city has yet to usurp New York and London’s dominance in the financial realm. How does Miami’s emergence as a financial destination impact professionals navigating their careers?
Cummings noted that maintaining industry connections, particularly those fostered in Manhattan, posed a challenge post-relocation.
“In New York, chance encounters with peers discussing market trends are common. To bridge this gap, my team and I actively nurture our New York relationships,” Cummings explained.
Miami has witnessed a surge in financial gatherings and conferences, especially during the winter and fall seasons, drawing professionals seeking respite from colder climates. Citadel Securities hosted its annual Global Macro Conference in Miami, while other notable events like “Hedge Fund Week” and UBS conferences have become fixtures on the city’s financial calendar.
Boyhan found the transition less daunting than anticipated, attributing this ease to Miami’s robust community of transplants from New York. This shared experience fosters camaraderie and a collective drive to position Miami as a financial hub.
As a fixed-income salesperson, Boyhan frequently shuttles between Miami and the Northeast to engage with clients. She underscores the newfound sense of camaraderie among Miami-based clients, united by a common goal of propelling the city forward as a financial epicenter.
Solovjov’s initial apprehensions about Miami’s professional viability vis-à-vis New York have dissipated, with Miami proving to offer a wealth of personal and career opportunities beyond his expectations.
“Contrasting London and New York, Miami presents a unique adventure. It has transformed from a city deemed unsuitable for finance and technology careers to a thriving hub for both,” Solovjov affirmed.