AIAC AT THE ECONOMIC CLUB OF NEW YORK LUNCHEON FOR KEN GRIFFIN OF CITADEL
For Immediate Release
November 21, 2024 – New York, NY – American Industrial Acquisition Corporation (AIAC) and Avara Pharmaceuticals warmly welcomed their clients, colleagues, and friends today at The Plaza Hotel for a special Economic Club of New York reception and luncheon featuring Kenneth C. Griffin, Founder and Chief Executive Officer of Citadel LLC and Citadel Securities.
Citadel LLC, one of the largest hedge funds in the U.S., manages over $60 billion in assets. Since its inception in 1990, Citadel has generated approximately $74 billion in total gains, establishing it as the most successful hedge fund in history. As the leading Designated Market Maker on the New York Stock Exchange, Citadel Securities represents 2,500 securities—comprising 25% of all NYSE listings—and has supported over 60% of NYSE-listed IPOs. Its daily trading volume exceeds $455 billion.
Mr. Griffin, a leading philanthropist, has donated over $2 billion to advance education, economic opportunity, freedom and democracy, and health sciences worldwide through his charitable foundation, Griffin Catalyst.
Following the initial reception, guests entered the grand ballroom of the Plaza Hotel, where Robert K. Steel, Chair of the Economic Club of New York and Partner and Vice Chair of Perella Weinberg Partners, introduced Ken Griffin. Mr. Griffin was interviewed by Sonali Bask, Anchor and Lead Global Finance Correspondent for Bloomberg LP in a fireside chat format.
Mr. Griffin noted concerns about the new administration’s implementation of immigration, tariff and tax policy, which he felt may negatively impact credit markets. He expressed opposition to mass deportations, broad tariffs, and tax reductions, which he felt would negatively impact inflation, corporate competitiveness, and the national deficit. He offered his strong support for Marc Rowan for Treasury Secretary, for reduced but measured securities industry regulation, and for steps to encourage initial public offerings. He indicated that Citadel had no plans to sell or go public, and praised Sequoia Capital, which made a substantial equity investment in the firm in early 2022.
AIAC’s guests included the following distinguished leaders from business, finance, government, academia, media and philanthropy:
Sharon Bowen, Chair, New York Stock Exchange
Hon. Robert Hormats, Former Vice Chairman, Goldman Sachs
Hon. Jane Harman, Former Congresswoman and CEO of the Woodrow Wilson Center
Hon. Reta Jo Lewis, Chair and President, Export-Import Bank of the United States
Tom Rogers, Founder, CNBC and MSNBC
Michael Loeb, Co-Founder of Priceline.com and venture capitalist
Jessica Sibley, CEO of Time, Former Chief Operating Officer of Forbes
Morgan Brennan, Co-Anchor, CNBC’s Closing Bell
Robert Doar, President, American Enterprise Institute
Lyndsay Howard, Foreign Policy Advisor, Michael R. Bloomberg
Heather Anichini, President and CEO, Chicago Public Education Fund
José Placido, CEO, US Corporate and Institutional Banking, BNP Paribas
Faye Wattleton, Former President of Planned Parenthood
Lori Esposito Murray, Director of CEO Programs, Council on Foreign Relations
Hon. Rauan Tielin: Consul General for the Republic of Kazakhstan
Faanya L. Rose, President Emerita of the Explorers Club
Charles T. Danziger, Esq., Partner, Danziger, Danziger & Muro LLP
Dr. Janet Walsh: Director of The Explorers Club, CEO of Birchtree Global
David Robb, Director, Frontier Group, early principal, Carlyle Group
Michael Leventhal, Co-founder, Bader Media Group
David Hamilton Nichols, Venture capital investor and author
AIAC Chairman L. M. Levie joined Robert Doar, President of the American Enterprise Institute, in greeting Mr. Griffin. AIAC held an after-luncheon reception at the Metropolitan Club of New York.
Mr. Levie offered the following poetic tribute to Mr. Griffin:
L. M. Levie, Chairman of AIAC and Avara Pharmaceuticals and a member of the Economic Club of New York Centennial Society and its Legacy Society, commented, “It was a privilege and pleasure to bring together our friends for this important address by Ken Griffin at the Economic Club of New York. Ken’s unparalleled accomplishments in finance and his extraordinary contributions to arts, education, science, and medicine have made an indelible, positive impact on the capital markets and our world.”
Mr. Levie added, “Ken Griffin embodies the values we hold dear at AIAC and Avara—integrity, innovation, efficiency, speed, and diligence. His disciplined, data-driven, and strategic approach to both business and philanthropy is a testament to his extraordinary intellect and leadership. To paraphrase the memorable E. F. Hutton slogan, when Ken Griffin talks, people listen. Indeed, Ken’s wise words are heard around the world.”
About Kenneth C. Griffin
Kenneth C. Griffin is the Founder and Chief Executive Officer of Citadel, one of the world’s leading alternative investment firms. He is also the Founder and Non-Executive Chairman of Citadel Securities, one of the world’s preeminent market makers. A passionate philanthropist, Ken has donated more than $2 billion to advance initiatives with the power to transform lives.
From an early age, Mr. Griffin was fascinated by the potential for computers to change the world. While a student at Boca Raton Community High School, he served as President of the Math Club, and from his childhood bedroom he started a business selling software to educational institutions.
Mr. Griffin credits his success and drive to his family. His mother studied childhood education, and his father, the first in his family to go to college, worked on the space program as an engineer for General Electric.
Kenneth Griffin’s grandmother Genevieve grew up on a family farm, without running water. She married her high school sweetheart, Wayne Gratz. Wayne started a small business soon after high school, and together they wrote an American success story.
When Wayne died unexpectedly, Genevieve continued to run the family businesses by herself, and as a testament to her success, she was eventually able to fund Mr. Griffin’s Harvard tuition with her savings.
To Kenneth Griffin, his grandmother’s generosity would serve as an enduring influence, further informing his commitment to helping others, and his passion to support access to education. He noted, “Thanks to my parents and grandparents and the incredible freedoms we enjoy as Americans, I had the ability to pursue my dreams.”
In his freshman year, he read about an investment opportunity in Forbes, and there, in 1986, from his Harvard College dorm room, his career in trading began.
During the summer of 1987, Mr. Griffin had an opportunity to discuss the insights he gleaned with a retired Wall Street trader who helped him raise over a quarter of a million dollars to start his first hedge fund. To further facilitate his investing, Kenneth Griffin also convinced the university to let him install a small satellite dish on the roof of his dorm so that he could receive market data in real time.
Following graduation, he moved to Chicago to join Frank Meyer at Glenwood Partners, who embraced his vision of building an institutional hedge fund business. Citadel was launched in the fall of 1990.
At a time when most of Wall Street relied on pencils, paper, and rule of thumb heuristics, in building Citadel, Mr. Griffin believed that the combination of advanced quantitative analytics and powerful software could drive progress and create a competitive advantage in the financial markets.
A focus on exceptional talent and collaboration further set Citadel apart, and much to the dismay of his competitors on Wall Street, one of his first senior hires was a rocket scientist.
Today, Citadel is the most profitable hedge fund manager of all time, measured by net gains since its founding (LCH Investment NV estimates as of December 31, 2023), and its success has empowered the missions of the world’s preeminent research institutions, universities, healthcare organizations, and pension plans with the mission of delivering superior long-term returns. Citadel inspires over 2,500 professionals to pursue bold ideas, take thoughtful risks, and reimagine and refine investment strategies to tackle some of the most important challenges in financial markets.
Building on the firm’s success, in 2002 Kenneth Griffin and his partners founded Citadel Securities to deliver superlative liquidity to the world’s retail and institutional investors. Today a leading market maker, Citadel Securities has played a crucial role in the advancement and evolution of financial markets.
Since the earliest days of his career, Mr. Griffin’s fundamental values have not only helped drive the success of Citadel and Citadel Securities, but also have inspired his extensive philanthropic and civic engagement.
Over the past three decades, he has supported efforts to expand access to high-quality education at every level, advance medical research, enhance communities, and strengthen freedom and democracy. Inspired by the power of the American Dream in his own life, Mr. Griffin’s catalytic investments are focused on expanding opportunity and empowering people to live longer and healthier lives.
For further information, please see:
https://es.wikipedia.org/wiki/Kenneth_C._Griffin
https://www.citadel.com/our-teams/leadership/kenneth-c-griffin/
https://www.forbes.com/profile/ken-griffin/
About Citadel LLC
Citadel LLC, founded in 1990 by Kenneth C. Griffin, is one of the world’s most prominent hedge funds and investment management firms. Headquartered in Miami and Chicago, with additional offices in major financial hubs like New York, London, and Hong Kong, Citadel manages over $60 billion in assets as of 2024, making it one of the largest and most successful hedge funds globally. The firm employs a multi-strategy approach, which includes quantitative analysis, fundamental research, and macroeconomic analysis, allowing it to operate across a wide range of financial markets and asset classes.
Citadel is known for its multi-strategy investment platform, which diversifies its portfolios across several asset classes, including:
Equities: Citadel’s equities team focuses on long/short equity strategies, which seek to capitalize on both rising and falling stock prices. The firm uses quantitative models and extensive research to identify opportunities.
Fixed Income and Macro: Citadel’s fixed income division trades government bonds, currencies, and interest rates, with a focus on both developed and emerging markets. The macro team evaluates global economic trends to inform investment decisions.
Commodities: Citadel trades commodities such as oil, gas, and precious metals, employing both physical and financial trading strategies.
Quantitative Strategies: Citadel employs sophisticated algorithms and machine learning models to execute high-frequency trading, portfolio optimization, and risk management.
This diversified investment strategy allows Citadel to maintain strong returns across various market conditions, enabling it to outpace many of its competitors. Its ability to blend human insights with cutting-edge technology has been a hallmark of its success.
Citadel has a remarkable track record of delivering strong performance. Since its inception, the firm has generated billions of dollars in profit for its investors. The firm’s flagship Wellington Fund is a multi-strategy hedge fund that has consistently ranked among the top-performing hedge funds worldwide. In 2022, Citadel recorded its best performance year ever, generating $16 billion in profit for its investors, which was described as one of the biggest annual gains for a hedge fund in history.
Citadel’s success is largely driven by its cutting-edge technology and data-driven approach. The firm employs over 1,500 quantitative researchers, developers, and engineers who develop and maintain the firm’s proprietary trading systems. Citadel invests heavily in research and development to maintain its competitive edge, using predictive analytics, machine learning, and high-frequency trading algorithms to make informed, real-time trading decisions. Its technological infrastructure allows Citadel to process and analyze vast amounts of data quickly, optimizing its investment strategies.
With offices in North America, Europe, and Asia, Citadel operates in over 30 countries and trades in a variety of global markets. This global reach allows Citadel to exploit opportunities across different time zones and regions, capitalizing on arbitrage opportunities and market inefficiencies. Citadel's international operations are crucial to its success, particularly in volatile global markets where geographic diversity can provide significant advantages.
Citadel is also renowned for its rigorous risk management practices. The firm uses advanced risk models to mitigate exposure to volatile market conditions. Its ability to manage risk while maintaining liquidity in its portfolios has been a key factor in its sustained profitability.
For further information, please see:
About Citadel Securities
Citadel Securities, founded in 2002 by Kenneth Griffin, has evolved into one of the largest and most influential market makers in the global financial ecosystem. The firm’s advanced trading technologies, robust infrastructure, and ability to handle massive volumes of trades have positioned it as a leader in both domestic and global markets.
Citadel Securities accounts for over 28% of the total daily consolidated U.S. equity volume, highlighting its critical role in market liquidity and efficient trade execution. When it comes to the U.S. retail market, the firm's impact is even more significant, processing approximately 40% of all U.S. retail equity trades. This makes Citadel Securities the largest market maker for retail trading in the U.S., reflecting its dominant role in facilitating trades for individual investors through platforms like Robinhood and Citadel Securities also holds a prominent position on the New York Stock Exchange (NYSE), where it acts as a Designated Market Maker (DMM) for more than 2,500 listed securities. The firm has been a DMM since 2016, providing liquidity and ensuring orderly markets for NYSE-listed companies. It is responsible for overseeing daily trading for approximately 25% of the companies listed on the NYSE, while also supporting major IPOs and direct listings such as Spotify. Notably, since 2016, Citadel Securities has been selected for more than 60% of all listings that have come to market on the NYSE, solidifying its role in capital formation for leading firms.
Beyond the U.S., Citadel Securities is a key player on the global stage. The firm operates in more than 35 countries, serving over 1,400 institutional clients across equities, fixed income, derivatives, ETFs, and foreign exchange markets. Citadel Securities executes $455 billion in trades daily, or $163 trillion annually, underscoring its capacity to provide liquidity and facilitate trading across a wide range of asset classes. This massive volume contributes to the firm's status as a cornerstone of global financial markets.
Citadel Securities is also the number one equity and options market maker in the U.S., with a 32% market share in equity options trading. The firm's dominance extends to serving institutional and retail clients, providing them with unmatched trading efficiency and liquidity. Its global operations, cutting-edge technology, and ability to execute large volumes of trades make Citadel Securities a fundamental player in modern financial markets.
Citadel Securities has built an unmatched reputation as a market-making powerhouse, dominating U.S. equities, retail trading, and options while also expanding globally. Its role on the NYSE, extensive global footprint, and cutting-edge trading technologies position it as an indispensable component of both domestic and international financial markets.
For further information, please see:
https://www.citadelsecurities.com
https://en.wikipedia.org/wiki/Kenneth_C._Griffin
About Kenneth C. Griffin’s Philanthropic Activities
Kenneth C. Griffin, founder and CEO of Citadel, is known for his significant contributions to education, healthcare, arts, and public policy. His approach to philanthropy focuses on large, strategic donations aimed at long-term impact. Over the years, Griffin has donated more than $2 billion to a range of causes, making him one of the leading philanthropists in the United States
Mr. Griffin’s largest donations have been in the field of education. In 2014, he gave $150 million to Harvard University, the largest gift in the university’s history at that time. The funds were designated for financial aid, ensuring that students from a wide range of socio-economic backgrounds can afford to attend the university.
Mr. Griffin has also supported the University of Chicago, where he donated funds to strengthen its economics department. His contributions helped establish the Griffin Applied Economics Incubator, aimed at encouraging research that addresses practical, real-world challenges. Additionally, Mr. Griffin has donated to early childhood education and K-12 programs, with an emphasis on improving educational outcomes for underserved communities.
In the arts, Mr. Griffin has supported major institutions such as the Art Institute of Chicago and the Museum of Modern Art (MoMA) in New York. In 2015, he gave $40 million to the Art Institute of Chicago, where he serves on the board. The donation was used to acquire significant works of art for the museum’s collection.
In 2019, Mr. Griffin donated $125 million to the Museum of Science and Industry in Chicago. In recognition of his gift, the museum was renamed the Kenneth C. Griffin Museum of Science and Industry. The donation is intended to support the museum's mission of inspiring innovation and interest in science, particularly among young people.
Mr. Griffin has also made major contributions to healthcare. He donated $16.5 million to Lurie Children’s Hospital in Chicago, supporting pediatric healthcare services. In 2021, he gave $25 million to Columbia University Irving Medical Center to accelerate research and advance treatments for conditions such as cardiovascular disease, cancer, and neurological disorders. His healthcare donations focus on improving access to quality care and funding research that could lead to new treatments.
Griffin has been a significant donor to public policy research institutions, including the Hoover Institution at Stanford University and the American Enterprise Institute. These contributions support research and dialogue on economic and social policies.
In Chicago, Griffin has also supported local civic initiatives. He has donated to the Chicago Public Education Fund and contributed to public safety efforts, including funding for law enforcement agencies.
During the COVID-19 pandemic, Griffin donated $50 million to various relief efforts. These funds were used to provide medical supplies, support food distribution, and ensure housing for vulnerable populations. His contributions helped healthcare providers and first responders deal with the challenges of the pandemic.
Ken Griffin’s philanthropy focuses on strategic, high-impact donations aimed at education, healthcare, and public policy. His contributions reflect a long-term vision for creating opportunities and addressing key challenges in society. With over $1.5 billion donated, Griffin's philanthropy is notable for its scale and its focus on creating lasting improvements in the institutions he supports.
For further information, please see:
https://www.griffincatalyst.org/about/
About American Industrial Acquisition Corporation
American Industrial Acquisition Corporation (AIAC) is a diversified industrial group with manufacturing and distribution sites in 24 countries in North America, Europe, and Asia. AIAC has acquired and grown non-core subsidiaries and divisions of Boeing, Siemens, Lockheed Martin, Northrop Grumman, Raytheon, Johnson Controls, Merck, Pfizer, Astellas, Visteon, Carlyle, Ahlstrom, Tolko, Groupe Suez, Groupe Rexel, and many other leading multinational corporations.
AIAC companies serve companies and governmental entities worldwide in all major sectors, including aviation, space, defense, automotive, truck, rail, marine, petrochemical, solar, nuclear, food, confectionary, beverage, civil engineering and infrastructure, commercial construction, mining, dredging, disaster relief, education, medical devices, and pharmaceuticals. AIAC companies manufacture materials, components, assemblies, packaging, equipment, and finished products. In addition, AIAC companies are exclusive, authorized distributors of leading branded industrial and consumer products throughout Southeast Asia, Australia, and New Zealand. AIAC is a leading manufacturer of building, street, and highway signage in Europe, signage and illumination structures in North America, and a distributor of electrical products throughout France.
Of note, AIAC purchased Boeing Canada in 2005 and has produced over 10,000 unique components for every Boeing jet plane ever since, reliably serving Boeing from manufacturing facilities in North America. A leader in ultra-high precision jet engine component manufacturing, AIAC companies produce 2,200 fan blades and blisks for each jet engine produced by GE, Pratt & Whitney, Rolls Royce, and Honeywell. AIAC companies produce the critical automotive wire and cable for Tesla, GM, Ford, Chrysler- Fiat, Toyota, and Nissan. In connection with its kraft paper manufacturing interests in Canada and the US, AIAC controls and sustainably manages 22 million acres of Manitoba, Canada forestland, an area equivalent in size to the nation of Hungary.
AIAC companies actively support exploration into outer space, manufacturing critical components for launching and propelling spacecraft and satellites. AIAC customers in this sector include NASA, the European Space Agency, SpaceX, Blue Origin, and Boeing. AIAC companies also lead in the design and manufacture of undersea umbilical cables for worldwide oceanographic research.
Another AIAC affiliate, located in Germany, designs, manufactures and distributes high performance emergency portable power generators required during natural disasters, including extreme climate events worldwide. Clients include government agencies and the International Red Cross.
For further information, please see:
About AIAC Philanthropy
AIAC and the AIAC Foundation support a wide range of nonprofit, nonsectarian, bipartisan organizations which promote international conflict resolution, disaster relief, economic development, environmental sustainability, and exploration. The exploration-focused nonprofit organizations which they actively support include the Explorers Club, the National Geographic Society, the Royal Geographical Society, the American Museum of Natural History and the Hayden Planetarium, the Victoria & Albert Museum, the National Air and Space Museum, the National Space Society, and the United States Space Foundation.
In recent months, AIAC Companies have proudly served as a corporate sponsor of Hubert Sagniere’s circumnavigation of the earth in a single-engine plane (www.flightaroundtheglobe.com).
AIAC’s other beneficiaries include the Appeal of the Nobel Peace Laureates Foundation Inc., the Asia Society, the Atlantic Council, the Bill and Melinda Gates Foundation - Gates Philanthropy Partners, the Bretton Woods Committee, the Carnegie Endowment for International Peace, the Carter Center, the Council on Foreign Relations, the Economic Club of New York, the Foreign Policy Association, the Institut Française des Relations Internationales, the International Committee of the Red Cross, the International Crisis Group, the International Rescue Committee, the Japan Society, the JFK School of Government of Harvard University, the Peterson Institute for International Economics, the Richardson Center for Global Engagement, the Royal Institute of International Affairs (Chatham House), the Sierra Club, and the Trilateral Commission.
For further information, see:
https://www.aiac.com/our-values
About the Economic Club of New York
Founded in 1907, the Economic Club of New York is the premier forum for discussion on a wide range of issues facing New York City, the United States, and the world. The Club welcomes preeminent thought leaders from across the globe and from the public and private sectors to speak on complex issues ranging from public policy and economic regulation to tech disruption. Nonpolitical, nonpartisan, and nonprofit, the Club promotes no agenda and takes no sides on issues, encouraging speakers and members to engage openly in thoughtful discussions.
The Economic Club comprises individual memberships, drawing from senior leadership of the many prominent corporate and financial organizations based in the Metropolitan area. The Club has hosted speakers who are experts in their respective fields and who drive the conversations that shape the world’s future. Past speakers include leaders of Fortune Global 500 companies, and multiple U.S. presidents, including Woodrow Wilson, William H. Taft, Herbert Hoover, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Ronald Reagan, and George H.W. Bush. International heads of state such as Winston Churchill, Mikhail Gorbachev, Indira Gandhi, Margaret Thatcher, and Yitzak Rabin have addressed the Club.
In recent months, Japan Prime Minister Fumio Kishida, US Federal Reserve System Chair Jerome Powell, Microsoft Co-Founder Bill Gates, JPMorgan Chair Jamie Dimon, and US Secretary of Treasury Janet Yellen have addressed the Club.
The Economic Club of New York collaborates with the Economic Club of Washington, DC and the Economic Club of Chicago.
For further information, please see:
Link to the video of President John F. Kennedy at the Economic Club of New York on December 14, 1962:
https://www.youtube.com/watch?v=kNstQxDDBVw
Link to the video of US President Joseph Biden’s address at the Economic Club of Washington, DC on September 19, 2024.
Link to the video of US Treasury Secretary Janet Yellen’s address at the Economic Club of New York on June 13, 2024:
Link to Bill Gates’ fireside chat with David Rubinstein at the Economic Club of Washington, DC on June 24, 2019:
Link to Warren Buffett’s fireside chat with David Rubinstein at the Economic Club of Washington DC on Nov 12, 2014:
https://www.youtube.com/watch?v=KuYBeBCx19g
Media Contact:
Isabel Carro-Toro, Vice President
American Industrial Acquisition Corporation
+34 689 295 827 (Spain)
+ 1 787 244 3175 (USA)
icarro-toro@aiac.com
