Apollo Global Management is reportedly planning a second HQ in Texas or Florida
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In another major case of high-tax states, Apollo Global Management Inc. has announced plans to establish a second US headquarters, test sites in Texas and South Florida.
The financial investment heavyweight is said to have shared with its teams on Sunday that it plans to open a second office while keeping its New York City HQ, people familiar with the matter first told the Financial Times. The report also named Nashville as a possible destination.
The move reflects a growing trend of financial executives abandoning traditional hubs like NYC and San Francisco in favor of the Sun Belt, seeking lower taxes, better talent pools and a friendlier regulatory environment.
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Apollo did not immediately respond to Fox News Digital’s request for comment.
Apollo Global Management is reportedly considering its second US headquarters in Texas or Florida. (Getty Images)
Capital flight is no longer a post-pandemic phenomenon, as data shows that billions of dollars in assets continue to flee high-tax jurisdictions. Between 2020 and the beginning of 2023, more than 370 investment companies moved their headquarters to a new location, according to a Bloomberg analysis.
These carriers brought in $2.7 trillion in assets under management (AUM) as well, with New York and California alone losing about $1 trillion each.
Florida, Texas, Tennessee and North Carolina have been the first beneficiaries of business migration, attracting new investment.
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Fidelity and Vanguard, for example, have expanded their presence in Texas, and Goldman Sachs is building a $500 million campus in Dallas. In 2021, Charles Schwab left San Francisco for the Dallas suburb of Westlake.
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When Citadel moved from Chicago to Miami in mid-2022, what followed was a flurry of corporate relocations. The new year has already welcomed a new wave of corporate headquarters in Miami, with names like Palantir, D-Wave Systems, GFL Environmental and Trinity Investments. Wider South Florida has established itself as an established global business center with several landmark engagements from brands including ServiceNow, Playboy, Wells Fargo, Varonis, TracFone and several others.
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Tennessee is emerging as a dark horse in the race for financial dominance since AllianceBernstein, a global investment management company, paved the way by moving to Nashville from New York in 2021.
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