Core Insights - Charles Schwab Corp. has agreed to acquire Forge Global Holdings Inc. for approximately $660 million, paying $45 per share, which represents a 72% premium over Forge's closing price on Wednesday [1][2]. Group 1: Acquisition Details - The acquisition marks the first deal for Schwab under CEO Rick Wurster, who aims to enhance customer access to private companies as they remain private longer [2]. - Forge Global is a marketplace for trading shares of private companies, aligning with Schwab's strategy to provide retail investors with direct access to these firms [3]. Group 2: Market Performance - Schwab's shares have increased by 27% this year, outperforming the S&P 500's 16% gain, while Forge's shares have surged by 87%, giving it a market capitalization of $355 million [4]. - Following the acquisition announcement, Forge's stock price jumped 63% in early trading on Thursday [4]. Group 3: Industry Context - The acquisition occurs amid a trend where there are more private companies and fewer public companies, highlighting the need for retail investors to access private market opportunities [3]. - Schwab has recently reported strong earnings, with over 1 million new brokerage accounts opened for the fourth consecutive quarter, indicating robust consumer interest in investing [3].

Core Insights - Morgan Stanley has signed an agreement to acquire EquityZen, a platform specializing in private share transactions, with undisclosed financial terms [1] - The acquisition aims to enhance Morgan Stanley's service offerings for private companies and their stakeholders, including cap table management and liquidity events [2][5] Company Overview - EquityZen, launched in 2013, connects retail investors with shares in private companies and has over 800,000 registered users [2] - The platform has processed more than 49,000 transactions across over 450 firms and is based in New York with approximately 50 employees [2] Strategic Intent - The acquisition is intended to provide new liquidity options for participants in the Morgan Stanley at Work program and increase access to private shares for wealth management clients [4] - EquityZen's CEO emphasized that the partnership is about scaling and reaching more investors, aligning with the mission to bring private markets to the public [3] Market Context - The integration of EquityZen's model is expected to give private companies more control over the management and timing of their shares trading [3] - Morgan Stanley's Wealth Management head noted that the acquisition addresses client needs as companies remain private longer, providing seamless liquidity solutions for employees and early investors [5] Future Developments - The acquisition is anticipated to be finalized in early 2026, pending regulatory clearance and customary closing conditions [4] - Morgan Stanley is also involved in arranging a risk transfer linked to a $6 billion portfolio of loans to private market funds, which could involve around $750 million [6]