Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Ken Griffin is relocating his Citadel hedge fund to Miami. He made the announcement in a memo to employees, according to Crain’s. He called Miami “a vibrant, growing metropolis that embodies the American dream.” He says the decision came after many of Citadel’s Chicago teams asked to relocate to Miami and other offices around the world.

Retailer H&M will close its store on the Magnificent Mile but is reportedly shopping for a smaller space also on Michigan Avenue. The company has a four-story, 60,000 square foot store at 840 N. Michigan. Listen for more below: