Schwab agrees to sell Forge Trust to Alto
The combined self-directed IRA platform will oversee more than $20 billion in assets under custody and administration.
The Charles Schwab Corporation has agreed to sell Forge Trust Co. and its parent company, Forge Services Inc., to retirement investment platform Alto. Forge Trust is a unit of Forge Global, Inc., which Schwab acquired in March 2026. The financial terms of the deal were not disclosed.
Upon closing, the combined business will have more than $20 billion in assets under custody and administration. It will also manage more than 60,000 self-directed IRA accounts holding private market assets and over 3 million Custody-as-a-Service accounts.
Forge Trust operates as a South Dakota-chartered custodian with more than 40 years of operating history. The transaction remains subject to regulatory approval by the South Dakota Division of Banking. Forge Trust clients do not need to take action, and accounts will continue to be serviced in the ordinary course.
J.P. Morgan Securities LLC is acting as financial advisor to Schwab on the transaction, while Wachtell, Lipton, Rosen & Katz serves as its legal advisor. O'Melveny and Myers is lead legal advisor to Alto.
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