Apollo Weighs Florida Outposts as Escape From New York Heats Up

Apollo Global Management Inc. is considering opening additional offices in Florida and elsewhere as it seeks to lure and retain talent in a world upended by the pandemic.

The private equity firm is weighing outposts in Miami and West Palm Beach, as well as an office elsewhere in the U.S., and another in Europe, said spokeswoman Joanna Rose. Apollo, which will retain its New York headquarters, recently surveyed employees about where they prefer to work as part of a strategy to attract a broader talent pool, she said.

Apollo, with 1,729 employees at year-end, has been gathering feedback over the past year as the pandemic forced companies to rethink how their employees work. Many are relocating or experimenting with more flexible work arrangements. Apollo is among those to test giving employees the option of working remotely two days a week.

The pandemic has also prompted Wall Street firms to consider moving staff to locales with no state income taxes, such as Florida and Texas. This year, Goldman Sachs Group Inc. asked managers to identify employees who wish to relocate to West Palm Beach. Several hedge fund firms, including Elliott Management Corp., Citadel and Point72 Asset Management, announced plans to establish offices in Florida.

New York’s wealthiest residents also face higher taxes after Governor Andrew Cuomo and state lawmakers struck a budget deal earlier this month. The combined top rate for the city’s top earners will be the highest in the U.S. BlackRock Inc. Chief Executive Officer Larry Fink said Thursday that he worries the higher tax burden may encourage people to relocate.

While Apollo’s employees may choose to go elsewhere, the firm has no plans to pull back from New York, Rose said.

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