Gov. Greg Abbott announced Monday that Apollo Global Management will establish a new strategic hub in Austin to drive innovation, emerging technology, and the next phase of the firm’s growth, according to an Aug. 3 news release from the governor’s office.
The announcement adds one of the world’s largest alternative asset management and retirement solutions providers to Austin’s expanding financial sector. The hub will incubate new and emerging businesses across Apollo’s asset management and retirement solutions platform and is intended to represent meaningful capital investment with significant job creation, the release stated.
“Texas is the new financial capital of America,” Abbott said in the release. “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.”
Apollo’s new Austin hub builds on nearly 20 years of the firm’s partnerships in Texas, and the company chose the state for its welcoming business environment, deep bench of major corporate headquarters, high-tech ecosystem, access to a growing talent pool, and room for future growth, according to the governor’s office.
“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,” said Apollo CEO Marc Rowan in the release, adding that change is the only constant and the firm would rather lead it than react to it.
Austin Mayor Kirk Watson said in the release that Apollo is choosing Austin because of its talent, natural environment, cultural offerings, and 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,” Watson said.
The expansion positions Austin to capture a larger share of the financial services industry as Apollo builds out its newest hub in the Texas capital.