AXIOS is reporting that hedge fund Citadel is the latest major firm to move its headquarters out of Chicago. 

“Billionaire Ken Griffin announced he was moving the headquarters of his hedge fund, Citadel, from Chicago to Miami last week,” the news site reported. 

Citadel employs more than 1,000 people in the area, and Griffin plays an influential role in local politics and philanthropy.

“Losing Citadel is a punch in the gut to the city’s economic reputation,” Civic Federation president Laurence Msall told Crain’s.”

“Over the past decade, the firms’ principals and employees have driven billions of dollars in tax revenue to Illinois and Chicago,” Citadel spokesperson Zia Ahmed tells Axios. “In Chicago alone, Ken has donated more than $600 million to educational, cultural, medical and civic organizations.”

While Florida has been attracting a lot of companies from more traditional financial hubs, AXIOS also reported earlier this year that the Chicago area still leads the nation in corporate relocations.