The online broker Charles Schwab has agreed to sell Forge Trust, which provides custody services for retirement accounts, to the investment platform Alto.
Following the transaction, Alto and Forge Trust are expected to have more than 20 billion dollars in assets under custody and administration combined. The business will comprise more than 60,000 IRA accounts with investments in private markets, as well as more than 3 million custody-service accounts.
The purchase price was not disclosed. The transaction requires approval from the banking regulator in South Dakota.
