Apollo picks Austin for second headquarters as expansion shifts beyond New York

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Apollo picks Austin HQ

Highlights

Apollo will establish its second headquarters in Austin, shifting expansion from New York after evaluating locations including Palm Beach, Miami, and Nashville.
The Austin office aims to house most new hires as Apollo's workforce surpasses 4,000 employees, doubling since 2020 amid rapid U.S. expansion.
Texas' favorable tax climate, growing talent pool, and education infrastructure influenced Apollo's choice, aligning with a wider trend of financial firms relocating away from New York.

Headquarters decision and hiring plan

As first reported by the Financial Times, Apollo selected Austin over Palm Beach, Miami and Nashville after an internal process to identify the preferred location for its second headquarters. Two people briefed on the matter say the firm has informed top partners of the decision, although some caution that the plan is not yet fully finalised and could still change.

Apollo, which manages about $1 trillion in assets, has said its new offices are expected to house the bulk of its new hires. The firm has operated from New York City since its founding in 1990, with its main office currently in Midtown Manhattan, but it has increasingly added bases across the U.S. as it broadens operations.

The decision follows an internal survey of top dealmakers, though employees were not shown the results. One person says chief executive Marc Rowan ultimately chose Austin as the firm's second home, and Apollo declines to comment.

Texas appeal and wider industry shift

Austin offers Apollo a large public university, a growing talent pool and a business environment that is drawing more financial and corporate groups to Texas. The state continues to attract companies with low tax rates and pro-business policies, while firms including JPMorgan and Goldman Sachs have expanded their Texas presence with large offices.

The choice also reflects practical constraints elsewhere. Apollo prefers Austin in part because Miami, a favored option for many younger employees, faces a shortage of private school capacity, according to the report.

The move fits a broader relocation trend among financial firms weighing operations outside New York and toward Texas or South Florida. Since the pandemic, Apollo has already expanded significantly in Greenwich, Connecticut, and in Miami and Palm Beach, while its workforce has grown to more than 4,000 employees, more than double the 2020 level, according to its latest annual report.

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