Private investment major Apollo Global Management is moving closer to selecting Austin, Texas, as the location for its proposed second US headquarters, according to a report by Bloomberg citing unnamed people familiar with the matter.
The alternative under consideration had been South Florida, but Austin has emerged as the leading candidate following months of internal discussions, the sources said. No final decision has been made and the plans could still change.
The New York-based alternative asset manager has been evaluating locations outside its Manhattan headquarters as part of a broader effort to expand access to talent beyond traditional financial hubs. Apollo’s main office is currently located at 9 West 57th Street in New York.
The firm has not commented publicly on the potential site selection. Earlier reporting indicated that Apollo was narrowing its focus between Texas and Florida, with Austin now seen as the frontrunner.
The shift reflects a wider trend among financial services firms increasing their presence in Texas, drawn by lower tax burdens, a supportive regulatory environment and a growing pool of professional talent. Firms such as Vanguard and Fidelity have already expanded operations in the state.
Austin, in particular, has developed into a major technology and business hub, attracting significant investment from companies including Meta, Alphabet and Oracle. Meanwhile, Dallas has also emerged as a competing financial centre, with major commitments from institutions such as Goldman Sachs and Wells Fargo.
Texas has further sought to position itself as a financial destination through policy initiatives, including the creation of dedicated business courts and efforts to attract corporate headquarters and exchanges, such as the planned Texas Stock Exchange.
Apollo itself has been expanding its international footprint in recent years, with growth initiatives across Europe and Asia-Pacific alongside its US strategy.
