Key Takeaways
- • Charles Schwab has agreed to divest Forge Trust Co. and its parent company Forge Services Inc. to Alto, a Nashville-based private markets custodian and marketplace, months after acquiring Forge Global for $660 million earlier in 2026.
- • The combined Alto platform will manage more than $20 billion in assets and serve over 60,000 accounts, positioning it as a category-defining custodian for private market investing through retirement accounts.
- • Forge Trust, a South Dakota-chartered self-directed IRA custodian acquired as part of Schwab's Forge Global purchase, will bring alternative asset classes, client relationships, and partner networks to Alto's technology and custody infrastructure.
- • Alto launched its Private Deal Room platform in August 2026, enabling registered investment advisors to execute self-sourced and client-sourced private market deals through qualified retirement assets, with centralized digital oversight of accounts, cash balances, transfers, and private investments.
- • Schwab's strategic decision to divest Forge Trust follows an integration review identifying overlapping capabilities across the combined organization, though Schwab stated it remains committed to Forge's private markets platform and capabilities for its client base.
Summary
Charles Schwab has agreed to sell Forge Trust Co. and parent company Forge Services Inc. to Alto, a private markets custodian connecting retirement capital with alternative investments. The transaction represents a significant reshaping of Schwab's private markets strategy following its $660 million acquisition of Forge Global earlier in 2026. Forge Trust, a South Dakota-chartered custodian and subsidiary of Forge Global, serves as a self-directed IRA provider offering access to alternative asset classes including pre-IPO companies.
The deal will create a combined platform managing more than $20 billion in assets across over 60,000 accounts. Alto will integrate Forge Trust's alternative asset offerings, account types, client relationships, and partner networks with its existing technology, custody, and investment infrastructure. This acquisition directly supports Alto's strategic focus on democratizing private market access through retirement accounts, a market segment experiencing growing institutional and retail demand.
Alto's momentum in this space accelerated with the August 2026 launch of Private Deal Room, a platform designed for RIAs to facilitate self-sourced and client-sourced private market transactions. The platform automates custodial and transactional processes for eligible private investments held in retirement accounts, allowing advisors to manage client accounts, cash positions, transfers, and private investments through a single digital interface.
Schwab characterized the divestiture as a natural outcome of its post-acquisition integration review. According to a company spokesperson, the firm identified overlapping capabilities across its organization and determined that divesting Forge Trust represented the optimal strategic path. However, Schwab emphasized its continued commitment to Forge Global's private markets platform and its intention to maintain access to these capabilities for its broader client base, suggesting the Forge brand and technology will remain integrated within Schwab's wealth management offerings.
The deal will create a combined platform managing more than $20 billion in assets across over 60,000 accounts. Alto will integrate Forge Trust's alternative asset offerings, account types, client relationships, and partner networks with its existing technology, custody, and investment infrastructure. This acquisition directly supports Alto's strategic focus on democratizing private market access through retirement accounts, a market segment experiencing growing institutional and retail demand.
Alto's momentum in this space accelerated with the August 2026 launch of Private Deal Room, a platform designed for RIAs to facilitate self-sourced and client-sourced private market transactions. The platform automates custodial and transactional processes for eligible private investments held in retirement accounts, allowing advisors to manage client accounts, cash positions, transfers, and private investments through a single digital interface.
Schwab characterized the divestiture as a natural outcome of its post-acquisition integration review. According to a company spokesperson, the firm identified overlapping capabilities across its organization and determined that divesting Forge Trust represented the optimal strategic path. However, Schwab emphasized its continued commitment to Forge Global's private markets platform and its intention to maintain access to these capabilities for its broader client base, suggesting the Forge brand and technology will remain integrated within Schwab's wealth management offerings.
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