Apollo Global Management ($APO) has announced that Austin has been chosen as its innovation and emerging technology hub. Notably, Austin was in the running against Miami, Palm Beach and Nashville.
obligatory
Reports keep referring to this deal as a “second headquarters”; implying that Apollo is not quite ready to abandon its New York City roots, and this isn’t going to be a corporate relocation. Proximity to UT talent and the power-center of the Texas State Capitol were likely motivating factors, and more favorable tax treatment compared to New York could be worth billions over the years.
From recent disclosures, Apollo indicates nearly $1,000,000,000,000 in assets under management with approximately 5,600 employees globally. [When you type out those zeros the scale of the operation hits differently]. It’s not clear how many of those employees will move to Austin, or when. Even a few hundred high-paying jobs could meaningfully impact our still nascent region. After foundering for years, the downtown condo market has seen upticks in response to the recent waves of capital flowing into the city.
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