Apollo Global Management has selected Austin as its second headquarters, choosing the Texas capital over competing locations in Florida. The $1tn asset manager conducted an internal survey among senior dealmakers before CEO Marc Rowan made the final decision, with the new offices expected to house most future hires.

Austin emerged victorious over Palm Beach, Miami, and Nashville in the site selection process. While traditionally known as a tech hub rather than a financial center, the city attracted Apollo partly because of limited private school options in Miami that concerned younger employees. Other major firms including JPMorgan and Goldman Sachs have recently expanded their Texas footprints, drawn by low tax rates and pro-business policies.

The move reflects growing dissatisfaction among New York financial firms with the city's direction. Rowan has publicly criticized Mayor Zohran Mamdani's abandoned tax increase proposals, joining other financiers who view Texas as more favorable for business operations. Despite the expansion, Apollo remains incorporated in Delaware where it faces ongoing shareholder litigation.

Apollo's workforce has more than doubled since 2020 to over 4,000 employees, with existing offices stretching from Greenwich, Connecticut to Miami and Palm Beach. This geographic diversification signals that private equity giants increasingly see growth opportunities beyond traditional Wall Street corridors, challenging New York's dominance in the industry.