Success at Citadel with Kenneth Griffin
Ken Griffin on turtletrader was schooled at Harvard University. In his early days, at the institution, an article in Forbes Magazine impressed upon him the need to invest. It was while a second year student that he started a hedge fund with the help of his family. Friends and family were able to raise an initial capital of $265,000. This fund was so helpful that when the 1987 stock market crash happened it acted as a cushion for those who had invested.
Kenneth went ahead to graduate from Harvard with a degree in Economics. After graduation, Kenneth received a capital injection of $1 million from Frank C. Meyers to invest in a hedge fund on http://www.wsj.com/articles/citadels-ken-griffin-leaves-2008-tumble-far-behind-1438655887. Later Myers, an investor and ‘Glenwood Capital LLC’s’ founder, reaped a 70% return on the investment he had made: $ 1 million.
In 1990 Kenneth, who had at the time amassed a lot of experience and expertise in managing hedge funds, started his company: Citadel. The firm’s clientele has since grown from America to Europe and Asia. Citadel securities ‘provides liquidity in American Capital markets’. Citadel Technologies ‘provides management technologies’ to an ever growing list of clientele in America and beyond.
Patron of Education
Griffin’s aversion to ignorance has seen him support manifold organizations in the business of education and schooling. Himself a brilliant student at Harvard, it is no wonder that he feels passionately about empowering people through learning. Griffin, in a bid to propel students from low income backgrounds, has maintained a contribution to Harvard’s financial aid program. Over $500 million has gone out to institutions and education programs alone in Chicago. ‘Chicago Public Library’ and other informative institutions are some of the beneficiaries of Griffin’s philanthropy. In a bid to pool resources and impact more people he teamed up with Bill and Melinda Gates to boost Woodlawn High School in Chicago. He is a board member of the Whitney Museum and serves in a similar capacity at Chicago University. He is also a Board of Director of ‘Chicago’s Public Education Fund.
Griffin has also donated to other institutions in Chicago including The University of Chicago, The Art Institute, and Lurie Children Hospital. With his wife, in 2009, they started the Kenneth and Anne Griffin Foundation through which institutions and hospitals have received patronage over the years. In 2015 Griffin donated $10 million to Chicago’s Museum of Contemporary Art.
Associations and Financial Worth
In order to enhance his network he is a member of some business associations like ‘Chicago’s Economic Club’, G100 and the ‘Civic Committee of Chicago’s Commercial Club’. While still a youth Griffin was listed, in Forbes 400, as one of the wealthiest in 2004. Forbes ‘estimated his wealth at $5.5 billion in 2014, but in 2015 he had another billion dollars added to his estimated value.