Apollo to Open ‘Innovation’ Hub in Austin, Texas
The planned hub will be led by Apollo Capital Solutions’ Eric Needleman and Athene Holding’s Mike Downing.
Apollo Global Management Inc. announced Monday it will open a hub in Austin, Texas, to incubate emerging and new businesses for its asset management and retirement solutions platform. Executives Eric Needleman and Mike Downing will lead the new office.
The global alternative asset manager stated in its announcement that the new hub will be built around innovation, emerging technology and the “flywheel of product, distribution, infrastructure and market-making” to promote the firm’s “next phase.”
Without being more specific, the company stated in the announcement that “Austin offers Apollo access to a talent pool distinct from its other locations.”
Needleman has been a partner in and head of Apollo Capital Solutions since 2024. Downing was named the co-president of Athene USA last year and is also the chief operating officer of Athene Holding, both companies that are part of Apollo.
“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,” said Apollo CEO Marc Rowan in the announcement. “That’s why we chose Austin and Texas.”
Texas Governor Greg Abbott said in a statement that Apollo’s hub would “advance Texas’ global leadership in the financial services sector.”
Apollo’s global headquarters will remain in New York City. As of March 31, Apollo had approximately $1.03 trillion in assets under management.