Schwab notches a $660 million deal agreement with private asset firm Forge Global Holdings

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to offer customers access to shares of privately held companies, and it's just the latest move in the building finance wave of getting private assets into everyday investor accounts.During Thursday morning trading, Schwab’s stock fell slightly while Forge’s stock rose 67%. Since the beginning of the year through Tuesday’s close, the stocks for both companies have rallied. Schwab’s stock was up 26% and Forge’s stock was up 87%.“Through Forge’s leading marketplace, we’re uniquely positioned to deepen liquidity, improve transparency, and further democratize access to this increasingly important source of wealth creation for investors,” Charles Schwab CEO Rick Wurster said in a statement.Forge sources shares of private companies from founders, employees, and venture capital backers seeking to sell their stakes.“This combination will transform how the private market works,” said Kelly Rodriques, CEO of Forge. “With Schwab’s reach and Forge’s solutions, private companies will gain access to liquidity and new growth options from an expanded market of qualified retail investors, while investors will gain new ways to invest in the innovation economy.”Yahoo Finance partnered with Forge in March to offer data on pre-IPO stocks like SpaceX (PAX.PVT) and Plaid (PLAI.PVT).Peddling private assets: A Charles Schwab office location in New York City. (REUTERS/Andrew Kelly/File Photo) · REUTERS / ReutersThe deal builds on Schwab’s recently launched alternatives platform, which is only eligible to clients who hold $5 million or more with Schwab.It also comes at a prescient time. Fewer companies are seeking to go public through traditional IPOs now compared to years past.The Trump administration is trying to change that.US Securities and Exchange Commission chairman Paul Atkins, who is a Trump appointee, has championed the effort for his agency to “Make IPOs Great Again” by finding ways to make it easier for private companies to go through the initial public offering process.The administration is also paving the way for millions of Americans, including 401(K) and other retirement savers, to get shares of private companies and other alternative assets like real estate and private credit into their accounts. He signed an executive order back in August calling for the SEC to facilitate the move.Wall Street’s biggest asset managers, including BlackRock (BLK), KKR (KKR), and Apollo Global Management (APO), the owner of Yahoo, are keen on the move, which opens up the multitrillion-dollar retirement account industry to a broader mix of funds managed by these firms.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,732.33 -63.96 (-0.94%)Dow 3046,912.65 -398.35 (-0.84%)Nasdaq23,155.81 -343.99 (-1.46%)Russell 20002,449.14 -15.64 (-0.63%)VIX18.81 +0.80 (+4.45%)Gold3,988.60 -4.30 (-0.11%)PortfolioSign in to access your portfolioSign inTop gainersSITM SiTime Corporation 354.53 +75.45 (+27.04%)BHF Brighthouse Financial, Inc. 65.73 +13.93 (+26.89%)HCC Warrior Met Coal, Inc. 81.23 +15.17 (+22.96%)HAE Haemonetics Corporation 62.30 +11.58 (+22.83%)DDOG Datadog, Inc. 188.17 +33.18 (+21.41%)Top losersELF e.l.f. Beauty, Inc. 78.49 -39.34 (-33.39%)DUOL Duolingo, Inc. 183.79 -76.23 (-29.32%)RELY Remitly Global, Inc. 12.36 -4.08 (-24.82%)CELH Celsius Holdings, Inc. 46.09 -13.83 (-23.08%)REZI Resideo Technologies, Inc. 31.91 -9.15 (-22.30%)Most activeSNAP Snap Inc. 8.27 +0.97 (+13.22%)NVDA NVIDIA Corporation 191.31 -3.90 (-2.00%)TSLA Tesla, Inc. 448.96 -13.30 (-2.88%)SOFI SoFi Technologies, Inc. 28.62 -1.45 (-4.82%)PLTR Palantir Technologies Inc. 180.73 -7.17 (-3.82%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersDUOL Duolingo, Inc. 183.66 -76.36 (-29.37%)SNAP Snap Inc. 8.24 +0.94 (+12.92%)CELH Celsius Holdings, Inc. 46.09 -13.83 (-23.08%)DDOG Datadog, Inc. 187.62 +32.64 (+21.06%)MRVL Marvell Technology, Inc. 93.16 +0.26 (+0.28%)Top economic events