Apollo Global Management Picks Austin Over New York for Second Headquarters

DATA & FIGURES

Apollo Global Management manages about $1 trillion in assets and has seen its headcount grow to over 4,000 people, more than double its 2020 count.

THE SCENARIO

The decision by Apollo Global Management to establish its second headquarters in Austin, Texas, reflects a broader trend in the financial industry. Rising taxes, regulatory costs, and political uncertainty in New York are prompting firms to seek more favorable business environments.

DIRECT QUOTE

"Austin's appeal includes its strong talent pipeline, growing tech ecosystem, quality of life, and business-friendly environment." — Marc Rowan, CEO, Apollo Global Management

BBN INSIGHT

The migration of financial firms like Apollo Global Management to states like Texas highlights the importance of regulatory and tax environments in business decision-making. As the financial industry continues to evolve, the appeal of pro-business states with lower tax burdens is likely to grow, potentially leading to a more dispersed financial sector across the United States.