A Daily Network publication
Explore the network
Retirement Capital Daily
Independent Intelligence on Retirement Assets
Wednesday, October 7, 2026The Morning Brief →Sign in
Investments

Alto agrees to acquire Forge Trust, adding more than 60,000 private-market IRA accounts

Alto says the combined businesses would hold more than $20 billion in assets under custody and administration; financial terms were not disclosed.

At a glance

20-second brief
  • Alto says the combined businesses would hold more than $20 billion in assets under custody and administration; financial terms were not disclosed.

  • Alto has agreed to acquire Forge Trust Co. and its parent, Forge Services Inc., from Forge Global Inc., the private-market firm Charles Schwab acquired in March 2026.

  • Forge Trust is a South Dakota-chartered self-directed IRA custodian with more than four decades in business.

Alto has agreed to acquire Forge Trust Co. and its parent, Forge Services Inc., from Forge Global Inc., the private-market firm Charles Schwab acquired in March 2026. The company announced the agreement Tuesday, and financial terms were not disclosed, according to 401(k) Specialist.

Forge Trust is a South Dakota-chartered self-directed IRA custodian with more than four decades in business. The acquisition brings more than 60,000 self-directed IRA accounts focused on private-market assets, plus 3 million Custody-as-a-Service accounts, to Alto's platform.

According to a statement from Alto, the combined businesses will help create one of the largest independent self-directed retirement investment platforms in the United States, with combined business assets of more than $20 billion under custody and administration. That figure describes client assets held and administered, not a purchase price.

From workflow to custodian

The deal moves Alto toward holding the accounts rather than only the software that documents them. Alto's platform uses AI to automate documentation and execution workflows for private-market investments; Forge Trust supplies the trust charter and the account and partner relationships where those positions sit inside IRAs. The article frames the pairing as an answer to a long-standing complaint from advisers, that access to private-market investments has been limited by custodial architecture built for public securities.

The combined platform is meant to serve both advisers and individual investors through the Alto Marketplace and Alto's Private Deal Room for RIAs, an invitation-only venue for executing private-market investments inside self-directed IRAs. Alto founder and CEO Eric Satz described a platform spanning custody, compliance, a private-market investment marketplace and API-enabled enterprise capabilities, within an SEC-registered broker-dealer and FINRA member, according to the report. Satz also said the combination helps address the nearly $20 trillion that sits in IRAs today, and the announcement describes an opportunity to bring alternative assets into the financial mainstream by making retirement capital easier to put to work.

Continue your research

Save this analysis and keep the funds you follow together in My Desk.

Sign in to save articles or follow funds.
Sources & further reading
401(k) Specialist
More from Retirement Capital Daily
Investments

Invesco's Sergio Marcheli says many 401(k) menus have drifted toward growth

He tells the 401(k) Specialist podcast that holding both styles across market capitalizations lets participants follow leadership shifts without timing cycles.
Investments

Nuveen closes $13 billion Schroders deal, creating a $2.6 trillion manager

The TIAA-owned firm will keep Schroders as a separate unit for 12 to 18 months and reorganize a combined $400 billion private-markets book by asset class.
Investments

Transamerica pooled plans reach $34.2 billion, shifting the focus to retirement income

The recordkeeper's pooled assets are up more than 60% in five years, and its research finds 48% of employers without a plan would consider joining one.
Elsewhere in the networkAll titles →
Every weekday · 6:30 a.m. ET

The Morning Brief

The latest from Retirement Capital Daily, in your inbox every weekday. Free.