Apollo picks Austin, Texas, for second US headquarters, snubbing NYC Mayor Mamdani: report

Apollo Global Management Chooses Austin for Its Second US Headquarters

Apollo Global Management has reportedly selected Austin, Texas, as the location for its second US headquarters, a move seen as an escape from Mayor Zohran Mamdani’s tax-and-spend, left-wing policies by Wall Street firms.

After considering Texas and Florida, the Marc Rowan-led powerhouse opted for Austin due to concerns about the lack of private schools in the Sunshine State, as reported by the Financial Times.

Apollo, managing over $800 billion in assets for pension funds, insurers, and wealthy investors, has its headquarters in a Midtown tower with stunning views of Central Park.

The firm is now seeking a major base away from Manhattan to attract talent who prefer not to live in New York or pay its high costs.

Apollo’s decision to move its headquarters outside of New York City will have a significant impact on the city’s revenue stream.

Furthermore, the move by Apollo and other firms like Citadel to expand beyond New York has raised concerns among business leaders in the city.

According to Steve Fulop, president and CEO of the Partnership for New York City, the city needs a pro-business agenda to retain companies and attract new ones.

Southern states like Texas have become attractive to big businesses due to their low taxes and business-friendly environment.

Texas’ business-friendly laws and initiatives have already attracted companies like Vanguard, Fidelity, Goldman Sachs, and Wells Fargo to the state.

Elon Musk, who moved his companies to Texas, has encouraged other business leaders to consider relocating as well.

Austin’s appeal to Apollo includes no state income tax and a thriving tech hub with companies like Meta, Google, and Oracle expanding in the city.