In this month’s roundup, CAIS expanded its capital markets offerings; AssetMark added private equity interval funds; Altruist launched in‑platform donor‑advised funds; SEI enhanced tax management for managed accounts; DTCC and iCapital partnered on private‑markets infrastructure; Morningstar Wealth added Envestnet distribution for public‑private models; Alto agreed to acquire Forge Trust from Schwab; Arch extended its platform into pre‑investment diligence; Raymond James introduced Private Wealth Guided Portfolios; Potomac Fund Management announced plans to launch direct indexing; Broadridge brought its digital assets platform to U.S. wealth firms; and Adhesion Wealth introduced custom model portfolios with Fidelity.
CAIS Expands Capital Markets Offerings
CAIS expanded its Capital Markets platform with additional structured investments, new‑issue equity offerings and third‑party ETFs, including outcome‑oriented strategies. The platform also provides trade execution and portfolio hedging capabilities for wealth management firms and advisors. CAIS said activity across its structured investments and hedging businesses increased 93% year over year during the first half of 2026.
The expansion includes education and access around autocallable income ETFs from Schroders and REX Shares, as well as broader access to third‑party investment products. CAIS Capital Markets combines investment access with execution and hedging tools, allowing advisors to use structured investments and related strategies within the same platform.
Marc Premselaar, Partner and Head of Capital Markets at CAIS, said, “CAIS has been building capital markets solutions for advisors for well over a decade, and what we’re seeing today is that experience compounding. This expansion reflects the trust advisors have placed in our platform. That trust is earned by pairing experience with advisor education, streamlined technology, and execution capabilities.”
AssetMark Adds Private Equity To Private Markets Platform
AssetMark added the Calamos Aksia Private Equity and Alternatives Fund and StepStone Private Equity Strategies Fund to its private markets platform. The additions bring the platform to six interval funds spanning private credit, real estate, infrastructure and private equity. Advisors can use the funds as standalone holdings or within AssetMark’s managed portfolio solutions, including unified managed accounts (UMAs).
The two funds broaden the platform’s private equity exposure while keeping access inside AssetMark’s existing portfolio infrastructure. Advisors using certain professionally managed portfolios can incorporate private markets through the firm’s goals‑based strategies, which have a $250,000 minimum. AssetMark reported more than $180 billion in assets across its platforms as of June 30, serving more than 10,000 advisors and more than 340,000 households.
David McNatt, Executive Vice President and Chief Wealth Solutions Officer at AssetMark, said, “Private markets can offer meaningful diversification and long‑term return potential, but incorporating them into a wealth practice requires additional care at every step of the process. Manager selection, portfolio construction, liquidity management, integrated operations, and advisor and investor education are critical. AssetMark’s role is to take that complexity off the advisor’s desk.”
Altruist Adds Donor-Advised Funds
Altruist added donor‑advised funds to its platform, allowing advisors to open, fund, invest and manage charitable accounts alongside household investment accounts. The funds are sponsored by Endaoment, a nonprofit public charity, and clients can recommend grants to eligible organizations. Advisors can use Altruist marketplace models, custom portfolios or personalized indexing for assets held in the donor‑advised fund.
The offering has no minimum to open an account, maintain a balance or recommend a grant, and fees start at 50 basis points per year. Clients can contribute cash or appreciated securities and transfer an existing donor‑advised fund. Endaoment remains the legal owner and customer of record for donated assets, and grant and investment recommendations remain subject to the sponsor’s approval.
Jason Wenk, CEO and Founder of Altruist, said, “Giving is one of the most personal things a client does with their advisor. We want to support advisors and their clients through that process by making donor advised funds easy to navigate and access.”
SEI Expands Tax Management Capabilities
SEI expanded its integrated tax management capabilities for separately managed accounts (SMAs) and UMAs, adding eligible mutual funds to existing support for ETFs and individual securities. The enhancements also give advisors more flexibility when transitioning portfolios with unrealized gains and allow them to set annual net realized gains targets as part of a broader tax‑management framework.
SEI’s framework combines tax‑loss harvesting with wash‑sale awareness and portfolio transition management. The changes are intended to let advisors incorporate tax considerations into ongoing portfolio implementation. SEI‑sponsored mutual funds and ETFs are not currently eligible for the expanded integrated tax management treatment, according to the company’s release.
Erich Holland, Executive Managing Director and Head of U.S. Wealth & Advisor Business at SEI, said, “Investors no longer view tax efficiency as a complementary benefit to portfolio management; they expect it to be embedded in the investment process. These enhancements reflect our continued commitment to making tax management more intentional, flexible, and integrated throughout the investor experience.”
DTCC, iCapital Partner On Private Markets Infrastructure
DTCC and iCapital entered a strategic collaboration intended to connect data, operations and participants across the private investment lifecycle. DTCC also made a strategic investment in iCapital. The firms plan further integration between DTCC’s Alternative Investment Product service and iCapital’s platform, with initial work focused on transaction processing, data exchange, investment access, administration and reporting.
The companies also plan to explore distributed‑ledger technology and tokenization as private market infrastructure evolves. DTCC’s Alternative Investment Product service provides standardized processing for alternative investments, while iCapital provides technology and investment infrastructure used by wealth firms. The collaboration is designed around interoperability between the two systems rather than the launch of a new investment fund or strategy.
Frank La Salla, President, CEO and Director of DTCC, said, “Private markets represent one of the most significant growth areas in financial services today, creating an urgent need for modern, scalable infrastructure. Our strategic partnership with iCapital reflects DTCC’s commitment to supporting the continued evolution of diverse financial markets. Broader adoption of alternative investments will depend on making the ecosystem easier to navigate, more efficient to operate, and highly resilient.”
Morningstar Adds Envestnet Distribution For Public-Private Models
Morningstar Wealth is making its Public/Private Select Series available to advisors through Envestnet Fund Strategist Portfolios. The distribution agreement is a new implementation step for the six public‑private model portfolios Morningstar announced earlier this year. The strategies span a range of risk profiles and are expected to become available on Envestnet beginning in October.
Morningstar will retain responsibility for asset allocation, investment selection, portfolio construction and ongoing oversight. Envestnet will provide implementation technology, including trading, rebalancing and tax management. Morningstar developed the models with Apollo, Franklin Templeton and J.P. Morgan Asset Management, combining public investments with private market exposures.
Kunal Kapoor, CEO of Morningstar, said: “The value of private-market exposure depends on how it fits within the whole portfolio. Morningstar Wealth brings independent research, disciplined allocation, and ongoing oversight to that decision. By pairing that investment approach with Envestnet’s implementation capabilities, we’re giving advisors a more practical way to manage public and private investments together.”
Alto Agrees To Acquire Forge Trust From Schwab
Alto agreed to acquire Forge Trust and its parent, Forge Services, from Forge Global, a Charles Schwab company. Upon closing, the combined business would have more than $20 billion in assets under custody and administration, more than 60,000 self‑directed IRAs holding private market assets and more than 3 million accounts served through custody services. The figures were based on June 30 data.
The acquisition would add Forge Trust’s South Dakota‑chartered custody capabilities, account relationships and alternative asset support to Alto’s retirement investing infrastructure, including its advisor Private Deal Room and enterprise application programming interfaces (APIs). J.P. Morgan Securities is Schwab’s financial advisor. Wachtell, Lipton, Rosen & Katz is serving as Schwab’s legal advisor and O’Melveny & Myers is serving as Alto’s lead legal counsel.
Eric Satz, Founder and CEO of Alto, said, “The joining of Alto and Forge Trust brings together the best elements of the past, present, and future of private market retirement investing. We see an enormous opportunity to bring alternative assets into the financial mainstream by making retirement capital easier to put to work. Forge Trust’s alternative asset offerings are complementary to Alto’s modern, user friendly, and API‑enabled infrastructure, and together reduce the friction that has kept retirement capital out of private markets.”
Arch Extends Platform Into Pre-Investment Diligence
Arch launched Investment Research, extending its platform into pre‑investment due diligence for RIAs, single‑family offices and institutional investors. The capability extracts investment terms from offering documents, compares opportunities against an investor’s own criteria and keeps the analysis auditable back to source documents. It can be used as a standalone product or connected with Arch’s existing private markets data and portfolio‑monitoring tools.
Materials reviewed before an investment can remain connected to the position after closing, linking the diligence process with ongoing monitoring. Arch said early users include RIAs and family offices, and that some users reported reducing diligence time per investment opportunity by as much as 50%. That time‑savings figure is a company‑reported early‑user result rather than an independently established performance measure.
Ryan Eisenman, Co-Founder and CEO of Arch, said, “The private market experience shouldn’t be fragmented across diligence, data, workflows, and portfolio monitoring. Arch is expanding our private markets expertise to support pre‑investment diligence, allowing investment teams to compare private market opportunities against their own criteria to make smarter allocation decisions.”
Raymond James Adds Private Wealth Model Portfolios
Raymond James introduced Private Wealth Guided Portfolios, a set of diversified model portfolios that combine traditional investments with alternative investments for advisors serving high net worth and ultra‑high net worth clients. The risk‑based portfolios include equity and fixed income allocations alongside a dedicated alternatives allocation that can include private markets and hedged strategies.
Raymond James Asset Management Services oversees portfolio construction and works with the firm’s Private Markets and Alternatives team on due diligence and monitoring. The models are available through the firm’s Private Wealth platform and are intended to give advisors a single portfolio framework for combining public and private investments.
Tash Elwyn, President of Raymond James’ Private Client Group, said, “Individuals and families with significant wealth require truly personal advice, backed by the right resources, to navigate their financial opportunities and complexities. Private Wealth Guided Portfolios are a meaningful addition to those resources, providing advisors with another way to help clients access alternative investments thoughtfully and in alignment with their goals.”
Potomac Plans Direct Indexing And Hedge Fund Launches
Potomac Fund Management announced plans to launch a proprietary direct indexing capability that combines tax‑loss harvesting with the firm’s tactical investment signals. The offering will debut on the Potomac Union turnkey asset management program, with broader custodian and platform availability planned later. Potomac said the tactical overlay can adjust market exposure rather than maintaining a static index allocation through changing market conditions.
Potomac also plans to launch a hedge fund early next year using quantitative models that can employ shorting, leverage and futures beyond the constraints of RIA custody platforms and registered funds. The strategy has been incubated for two years and will initially be available to accredited investors with a $1 million minimum. Potomac surpassed $5 billion in assets under management earlier this year.
Manish Khatta, CEO of Potomac Fund Management, said, “Most firms take success and turn it into a bigger org chart. We take success and turn it into new businesses. Every one of these ventures started as a capability we built for ourselves because we couldn’t find exactly what we wanted in the market. Now we’re taking the training wheels off and seeing how far they can go.”
Broadridge Brings Digital Asset Platform To U.S. Wealth Firms
Broadridge expanded its digital assets platform to U.S. wealth management firms, supporting advisor‑led and self‑directed access to cryptocurrencies and tokenized securities alongside traditional investments. The initial U.S. ecosystem includes Anchorage Digital and Galaxy for digital asset services. The platform is designed for broker‑dealers, RIAs and wealth managers that want digital assets integrated into existing wealth workflows.
The platform can connect with Broadridge or third‑party books‑and‑records systems and supports custody and wallet providers, compliance functions, regulatory reporting, confirmations, statements and tax reporting. Broadridge also said the system can support tokenized real‑world assets, including funds, private investments and other securities, through its digital ledger infrastructure while maintaining a unified client and advisor experience.
Tom Carey, Broadridge’s President of Global Technology and Operations and Global Head of Product & Technology, said, “Our platform helps firms extend the trusted wealth experience they already provide to include digital assets, while managing the operational complexity behind the scenes. By bringing traditional and digital investments together in a single environment, we are helping clients expand investor choice while maintaining the controls, service model and experience their businesses require.”
Adhesion Launches Custom Models With Fidelity
Adhesion Wealth launched Custom Model Solutions with Fidelity, combining Fidelity’s portfolio design resources with Adhesion’s UMA infrastructure. Advisors can work with Fidelity to build firm‑specific models around selected managers, investment vehicles, allocations and portfolio preferences, while Adhesion handles implementation and administration across multi‑sleeve portfolios.
Adhesion provides trading, rebalancing and tax management for the custom models, including ongoing tax optimization and portfolio transitions. Fidelity’s model framework is open architecture and can incorporate mutual funds, ETFs and SMAs. Adhesion does not charge a separate platform or tax management fee for the program.
Phill Rogerson, Senior Vice President and Head of the RIA Channel at AssetMark, which owns Adhesion Wealth, said, “RIAs consistently tell us they want to deliver investment experiences that reflect their own preferences without having to build and maintain all the infrastructure and staffing required to manage customized portfolios at scale. Custom Model Solutions at Adhesion gives advisors a way to deliver tailored portfolios to more clients while addressing greater portfolio sophistication without adding operational complexity.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
