Chicago loses another financial firm as Peak6 moves HQ to Austin

PEAK6 Investments will transfer its global headquarters to Austin from Chicago, making it the latest finance firm to dial back its operations in the Midwestern city.

The company, with a portfolio that has ranged from early-stage businesses to professional sports teams, said the move will put its executive team closer to the bulk of its workers, a majority of whom are already in Texas. The firm will maintain a Chicago office even after the change.

“Texas has been a cornerstone of Peak6’s growth for over a decade,” co-chief executive officer Matt Hulsizer said.

Chicago and Illinois have weathered several high-profile corporate departures in recent years, including Ken Griffin’s Citadel, Caterpillar and Boeing.

Chicago’s progressive mayor, Brandon Johnson, has done little to stem the flow since taking office in 2023, and donors and business leaders are already preparing to challenge him in 2027. As the city’s budget deficit nears US$1 billion, it has struggled to increase revenue and frightened some businesses with plans to tax the rich.

Texas has been a principal beneficiary of a wave of corporate migration from blue states since the start of the Covid-19 pandemic, as firms including Chevron and Elon Musk’s Tesla have come to the Lone Star State in pursuit of lower taxes, lighter regulation and, often, sunnier weather. Peak6 cited Austin’s educated workforce, business climate and culture as top reasons for the move.

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Hulsizer and his co-founder, Jenny Just, founded the firm in 1997 as an options trader and have since expanded it into other fields including financial technology, cryptocurrency and insurance. In November, Bloomberg News reported that Peak6 had sold its minority stake in a holding company that operates Premier League soccer team Wolverhampton Wanderers. It previously held stakes in another Premier League team, AFC Bournemouth, and Italian club AS Roma. BLOOMBERG