Forge Global expands custody capabilities 01 April 2019San Francisco Reporter: Jenna Lomax
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Forge Global (Forge) has acquired IRA Services to expand its private market service offerings, pending regulatory approval.
Forge will change its name to Forge Trust to reflect the addition of IRA Services into the broader Forge offering—an expanded set of custodial capabilities to serve institutional clients.
IRA Services’ current CEO, Edwin Blue, is due to retire from the company. Patrick Hughes, president of IRA Services, will report to Kelly Rodriques, CEO of Forge.
IRA Services employees will continue to operate from the firm’s offices in San Carlos, California and Sioux Falls, South Dakota.
Rodriques said: “Recognising that the private markets seed innovation, our mission is to serve the ongoing liquidity needs of the private market economy. In joining with IRA Services, Forge will expand its ability to meet the needs of private market investors by providing an integrated custodial solution that allows them to seamlessly and securely invest in a wide range of innovation companies.”
Hughes commented: "Investors across asset classes want the ease, transparency, and security provided by a seamless investing experience from trading through to settlement to custody.”
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