Apollo picks Austin, Texas, for second US – Business News
Apollo Global Management has reportedly picked Austin, Texas, as the town that may host its second US headquarters, as Wall Street corporations look to escape Mayor Zohran Mamdani’s tax-and-spend, left-wing insurance policies.
After narrowing down the alternatives to Texas and Florida, the Marc Rowan-led powerhouse selected Austin over obvious considerations concerning the lack of personal faculties within the Sunshine State, the Financial Times reported Friday.
Apollo manages money for pension funds, insurers and rich buyers — and controls more than $800 billion in belongings. The firm runs its empire from a Midtown tower at 9 W. 57th St., with views over Central Park.
Apollo selected Austin over obvious considerations concerning the lack of personal faculties in Florida. Photocreo Bednarek – stock.adobe.com
Now it needs a main base removed from Manhattan.
The firm says the transfer is about expertise, in response to the FT. Apollo needs to recruit staff who don’t need to dwell in New York — or pay New York costs.
Choosing a new HQ exterior the Big Apple marks a vital blow to metropolis coffers.
Apollo paid a whopping $1.276 billion in income taxes in 2025, up from $1.062 billion the yr earlier than. While filings don’t break down how a lot of that went to New York City, it stands to lose a hefty income stream because the firm appears to be like to increase elsewhere.
Citadel — whose CEO Ken Griffin was focused by Mamdani in a weird tax-the-rich video — additionally doubled down on increasing exterior New York.
The Apollo and Citadel strikes are half of “a troubling pattern taking shape” within the metropolis, Steve Fulop, president and CEO of the Partnership for New York City, beforehand instructed The Post.
“The solution is that the administration needs to have a real pro business agenda that has support of the broader business corporate community,” he added. “We haven’t seen this yet and there is a sense of urgency to getting this going. It is a competitive landscape and without a strategy companies will look to more friendly places.”
The Post has approached an Apollo spokesperson for remark.
Southern states have been proving enticing to large business. Low taxes and lighter regulation have already drawn Vanguard and Fidelity to Texas. Goldman Sachs is building a $500 million workplace tower in Dallas. Wells Fargo simply opened a large 850,000-square-foot campus exterior the town.
Apollo’s Marc Rowan is a staunch critic of Mayor Zohran Mamdani, not solely over his financial insurance policies, but additionally his hardline anti-Israel views. REUTERS
Texas retains rolling out the welcome mat. The state handed legal guidelines to lure firms to reincorporate there and opened particular courts simply for business disputes.
The Texas Stock Exchange plans to start out trading this summer time — and the New York Stock Exchange and Nasdaq have each opened Texas outposts to compete.
Elon Musk, who moved his firms to the state, has urged different bosses to observe.
Austin provides Apollo the boon of no state income tax.
The capital metropolis hosts deep-pocketed buyers, together with the fund that manages the University of Texas system’s $80 billion-plus endowment and the Teacher Retirement System of Texas — precisely the type of purchasers Apollo courts.
The metropolis boomed via the pandemic as a tech hub, with Meta, Google and Oracle all increasing there.
