Apollo Global Management announced Austin, Texas, as the location of a new hub built around innovation, emerging technology and the next phase of the firm’s growth. The office will be led by Eric Needleman and Mike Downing.

“At Apollo and Athene, we help meet the capital needs of companies and economies, while enabling people to retire with confidence. That mission has driven our innovation for more than three decades, and this new presence is a continuation of that DNA. Change is the only constant, and we’d rather lead it than react to it,” said Apollo CEO Marc Rowan. “Austin lets us build the next generation of Apollo and Athene, including challenger models for parts of our own business, with the talent, technology and business environment already in place. That’s why we chose Austin and Texas.”

The new strategic growth hub will incubate emerging and new businesses across our asset management and retirement solutions platform, focused on the flywheel of product, distribution, infrastructure, and market-making. It will also be where the firm evolves its approach to technology and operations, with proximity to companies defining the industry’s next phase of growth.

Texas Governor Greg Abbott said, “Texas is the new financial capital of America. Apollo made the right decision when it selected Texas for its new strategic growth hub. Texas already houses the largest financial services workforce in the nation, and this significant expansion in Austin will advance Texas’ global leadership in the financial services sector. For innovative industry leaders who seek stability, speed, and scalability, no better place exists to invest and grow than Texas.”

City of Austin Mayor Kirk Watson said, “Austin is a great investment for business thanks to our ample supply of smart and creative young people. Apollo is choosing Austin because of our talent and our beautiful natural environment, great cultural offerings, and our position as a leader in the innovation economy. It’s exciting that young Austinites graduating from our local universities will have yet another place to start their careers, right here at home, without needing to move to the East Coast or elsewhere. I’m proud that Austin continues to be the place where companies choose to grow, innovate, and make investments in.”

Texas leads the nation in Fortune 500 headquarters, a base that includes a growing concentration of hard-tech, chip manufacturing and defense technology firms alongside the state’s long-standing leadership in energy and infrastructure — an ecosystem Apollo believes will support the firm’s next phase and aligns with our thesis for the ongoing global industrial renaissance. Apollo’s new presence builds on nearly twenty years of partnerships in Texas, including strategic organizations that connect companies to the established innovation ecosystem. Texas is already among the firm’s top five capital bases, and the firm is well-positioned to deepen its relationships with innovative companies seeking long term capital partners to fuel the forefront of innovation in technology and financial services. Importantly, Austin offers Apollo access to a talent pool distinct from its other locations. Apollo’s New York State presence will remain the firm’s global headquarters.

Source: Apollo