Forge Global Holdings, Inc. (NYSE: FRGE) shares are experiencing a notable surge on the US stock charts today, marking a substantial 16.52% increase to reach $3.95 at the latest check during the current session. This upward momentum in Forge Global stock value is attributable to a recent appointment within the company, underscoring its strategic growth initiatives.
In an official announcement today, Forge Global (FRGE) disclosed the addition of Chris Lane to its team in the capacity of Managing Director and Head of Institutional Relationship Management. His primary focus will be to further Forge Global’s commitment to meeting the requirements of institutional investors operating in the private market.
Lane, boasting an impressive 25-year tenure in capital markets, has played pivotal roles in cultivating and enhancing client franchises at BNP Paribas, Bank of America Merrill Lynch (BAML), and Goldman Sachs. Forge Global remains steadfast in its dedication to providing data, technological solutions, and expertise that add value to its expanding institutional client base in the private market, and Lane’s appointment marks a pivotal stride toward achieving this objective.
Notably, Forge Global has recently broadened its index business by introducing a groundbreaking investable index in collaboration with Accuidity, LLC. This index is set to track the performance of late-stage, venture-backed companies. Accuidity, based in Boston, is an institutional asset manager slated to replicate the newly created Forge index in early 2024.
The introduction of the new Forge index and the associated strategy with Accuidity align with two transformative trends in the industry: the prolonged duration of private venture-backed companies staying private and a growing investor inclination towards private markets for diversification and return sources.
The advent of an investable index provides an efficient and cost-effective avenue for accessing this asset class through a single product. This product is supported by Forge’s extensive expertise in the private market and robust data platform, coupled with Accuidity’s profound experience in institutional asset management.
