Trade Republic Expands into Wealth Management with Private Markets Access via Apollo and EQT
Trade Republic announced on 15 September 2025 a significant expansion beyond its core brokerage model into wealth management, forming strategic partnerships with two of the world’s largest private equity firms — Apollo Global Management and EQT — to bring private market investments to retail investors for the first time at low minimums.
What’s New: Private Markets for Everyone
Private equity, private credit, and real assets have historically been accessible only to ultra-high-net-worth individuals and institutional investors, typically requiring minimum investments of €100,000–€1 million. Trade Republic’s partnerships with Apollo and EQT will change this:
- Minimum investment: €1 — bringing private market access to mass-market retail investors
- Products initially include: private credit funds (Apollo), infrastructure/private equity funds (EQT)
- Available through Trade Republic’s existing app alongside public market instruments
By the Numbers (November 2025 Update)
Following the September announcement, Trade Republic reported:
- 10 million users (up from 8 million in January 2025)
- €150 billion in assets under management (up from €100 billion)
- Active in 17 European countries
Strategic Significance
Trade Republic’s move positions it not as a discount broker but as a full-spectrum retail wealth management platform — a direct competitive threat to traditional private banks and wealth managers who have long relied on high minimums as a moat.
The timing coincided with the EU’s Capital Markets Union initiative pushing for greater retail investor participation in European capital markets.
The PFOF Shadow
The September expansion announcement came against the backdrop of the PFOF phase-out (EU MiFIR reforms, effective 2026). By diversifying revenue toward wealth management products — which carry separate management fee structures — Trade Republic was positioning itself ahead of the potential revenue impact of losing PFOF income.
→ Read our full Trade Republic review including PFOF analysis