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. The hub will be led by Eric Needleman and Mike Downing.<\/p>\n
The global alternative asset manager stated in its announcement that the new hub will be built around innovation, emerging technology and the \u201cflywheel of product, distribution, infrastructure and market-making\u201d to promote the firm\u2019s \u201cnext phase.\u201d<\/p>\n
<\/p>\n Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters. \uf061<\/p>\n <\/a><\/p>\n 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<\/a> and is also the chief operating officer of Athene Holding, both companies that are part of Apollo.<\/p>\n \u201cAustin 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,\u201d said Apollo CEO Marc Rowan in the announcement. \u201cThat\u2019s why we chose Austin and Texas.\u201d<\/p>\n Texas Governor Greg Abbott said in a statement that Apollo\u2019s hub would \u201cadvance Texas\u2019 global leadership in the financial services sector.\u201d<\/p>\n Apollo\u2019s global headquarters will remain in New York City. As of March 31, Apollo had approximately $1.03 trillion in assets under management.<\/p>\n \n Tags\n <\/p>\n \n Reported by\n <\/p>\n \n Reprints\n <\/p>\n