Kenneth Griffin: Famous Financial Executive
I’ve been researching a lot of the most successful businessmen in America these past few weeks. Looking for what makes them successful, and how anybody could emulate that themselves. So I’m going to start profiling a few of the more prominent figures. Don’t forget that you can follow Ken Griffin on Twitter and check out other social networks like Facebook to keep getting updates. Otherwise, here’s all of his vital info:
Kenneth Griffin (born 10/15/68) is the CEO and founder of Citadel LLC, an investment firm based in Chicago, IL. Citadel controls several hedge funds that are some of the biggest and most profitable in the world. In fact, the success of the company has been so great that Griffin’s net worth as of 2014 is $5.3 billion. Citadel manages roughly $14 billion in assets.
Griffin was born in Daytona Beach, FL, and raised in Boca Raton FL. He excelled at school, eventually being accepted into Harvard University. It was while he was attending college that he took the first steps towards the formation of Citadel. While living in his dorm room, he created two funds and would constantly make trades between his classes. He eventually graduated in 1989 with a bachelor’s degree in economics. It was at this time that Frank Meyer, the man who founded Glenwood Capital, began to take an interest in the young Griffin. Meyer took notice of the amount of successful investments Griffin made. His rate of return could not be ignored. The majority of Griffin’s investments during this period were in convertible bonds. Meyer then provided Griffin with $1 million to invest in any way he wanted. Griffin went on to make a 70 percent profit on the investments he made with the $1 million.
On 11/1/90, Griffin founded Citadel with an initial amount of $4.2 million. Over the years, Griffin has made regular appearances on Forbes magazine’s annual list of the 400 wealthiest people. As of 2014, he was the 93rd wealthiest person in the United States.
In 2003, at the age of 34, Griffin made his initial appearance on the Forbes 400. At that point, he had a net worth estimated to be in the neighborhood of $650 million. This made him the second youngest person to appear on that year’s list. In terms of people who were under 40, born in the United States and did not inherit their money, Fortune magazine listed Griffin as the 8th wealthiest person in that category in 2004. Griffin was one of only seven people on the 2006 Forbes 400 to be under 40 years old.
As the success of Citadel has grown, so has Griffin’s annual income. His earnings have increased from $230 million in 2003 to $3 billion in 2007. Griffin bought a condo in the Park Tower in Chicago for an estimated $15 million. At that time, it was thought to be the largest price paid for a condo in Chicago.
Griffin has repeatedly put his vast fortune to good use, helping many less fortunate people with his philanthropic endeavors. He currently sits on a number of boards for various philanthropic causes. He is one of the directors of the Chicago Public Education Fund, believing that public schools are the key to the long term prosperity of the United States. The ARK award was bestowed on Griffin in 2003 in honor of his philanthropy. Griffin also started the Citadel Group Foundation, which has donated money to the Chicago Symphony Orchestra, Chicago’s Children’s Memorial Hospital, public education and the Art Institute of Chicago.