Alto to Acquire Forge Trust from Schwab

The deal aims to streamline private market retirement investments through a combined platform with over $20 billion in assets.

Updated on Oct. 21, 2026 in Investing

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Alto has agreed to acquire Forge Trust from Charles Schwab, combining a modern retirement platform with a legacy custodian. The merger seeks to reduce manual, paper-heavy friction for investors holding private market assets in self-directed IRAs.

Why it matters

This acquisition addresses the growing demand for private market access in retirement accounts, as 74% of registered investment advisers look to increase such allocations. It leverages Alto's technology to digitize workflows for a combined base of over 60,000 self-directed IRA accounts.

The combined entity will manage over $20 billion in assets under custody and administration across 60,000 self-directed IRAs. It will also support more than 3 million Custody-as-a-Service accounts.

The players

Alto

Alto is a technology-based financial services firm that provides a platform for self-directed retirement investments.

Forge Trust

Forge Trust is a custodial service provider with a 40-year history of managing retirement and private market assets.

Charles Schwab

Charles Schwab is a major American financial services company that provides banking, trading, and investment advisory services.

South Dakota Division of Banking

This state regulatory body is responsible for overseeing and approving financial institution mergers within its jurisdiction.

The details

The platform integrates custody, compliance, a broker-dealer, and a private market investment marketplace. By combining Alto's digital execution tools with Forge Trust's 40-year history, the deal intends to simplify private asset management for investors.

The acquisition agreement was announced on October 21, 2026.
Schwab originally acquired Forge Trust as part of a 2026 purchase of Forge Global.

Market Dynamics

The deal follows the trend where 74% of registered investment advisers plan to increase client allocations to private markets. This move positions the combined firm to capture more of the interest in alternative asset classes.

Self-directed IRA investors may see a reduction in manual, paper-heavy documentation as the platforms integrate. The deal is currently pending regulatory approval from the South Dakota Division of Banking.

The takeaway

As private markets become more accessible to retail retirement investors, the consolidation of legacy custodial services and tech-forward platforms is accelerating. Investors should monitor how digital integration improves execution speed and reduces administrative overhead in their own accounts.