Apollo Eyes South Florida or Texas HQ as Shares Jump 5% on 401(k) Rule
Apollo Global Management is evaluating a second US headquarters in South Florida, Texas or Nashville, aligning its footprint with the migration of 370 firms managing $2.7 trillion. APO shares rose 5% after the Labor Department proposed including private equity and credit in 401(k) plans for 90 million savers.
1. Second Headquarters Evaluation
Apollo Global Management is weighing options for a second US headquarters outside New York, with South Florida, Texas and Nashville under active consideration. The firm is targeting expanding talent pools and lower operating costs as more than 370 investment firms managing $2.7 trillion have migrated toward the Sun Belt since early 2020.
2. 401(k) Alternative Asset Proposal Boosts Shares
APO shares jumped about 5% after the US Labor Department proposed allowing private equity and credit investments in 401(k) plans for roughly 90 million participants. The rule could open a new retail capital source for Apollo, broadening its assets under management by tapping the typically institution-only alternative asset class.