Charles Schwab plans to launch an alternative investments platform this year for high-net-worth clients, a spokesperson confirmed Tuesday.
"We are continuously adding to our product and advice capabilities to meet the needs of our clients, including high net worth and ultra-high net worth investors," the spokesperson told ThinkAdvisor by email.
"We're seeing a growing interest in alternative investments, and we're pleased to begin providing access in phases to an alternative investments platform for qualified retail clients with more than $5 million in household assets at Schwab later this year."
The platform, using iCapital, will include "a curated shelf of high-quality, third-party alternative investment funds across select asset classes including private equity, venture capital, private real estate, private credit, and hedge funds," with support and education from an alts specialist team, the representative added.
