Company Overview - Charles Schwab is acquiring Forge Global Holdings for $660 million, enhancing its wealth management platform by providing access to shares of privately held companies [1] - The acquisition aligns with the trend of integrating private assets into retail investor accounts [1] Market Reaction - Following the announcement, Schwab's stock experienced a slight decline, while Forge's stock surged by 67% [2] - Year-to-date performance shows Schwab's stock up 26% and Forge's stock up 87% [2] Strategic Implications - The acquisition is expected to deepen liquidity, improve transparency, and democratize access to private market investments for retail investors, according to Schwab's CEO [2][3] - Forge's marketplace will provide private companies with liquidity and growth opportunities through access to a broader market of qualified retail investors [3] Industry Context - The deal comes at a time when fewer companies are pursuing traditional IPOs, prompting regulatory changes aimed at facilitating the IPO process [5] - The SEC is working to allow more Americans, including retirement savers, to invest in private companies and alternative assets [6] - Major asset managers are supportive of these changes, which could expand the retirement account industry to include a wider range of investment options [7]