JP Morgan-backed workplace pensions provider has more than doubled its assets over the last year
IN BRIEF:
- Smart Pension’s total assets under management (AUM) of its pensions platform grew by 117% over the last 12 months
- This is nearly three times the AUM of its rival Cushon that was acquired by NatWest last week for £144m and £2bn more than private pension provider PensionBee
- Smart is backed by JP Morgan and Legal & General and is reportedly working on a £100m equity funding round
What does this mean?
“More people than ever are now saving their money through Smart, and the strength of our platform has been an important driver of that,” said Andrew Evans, group CEO and co-founder of Smart. “Our platform is scalable, cost-effective and can manage retirement savings seamlessly. For retirement savers around the world, this is a unique and incredibly compelling proposition. This is a $62 trillion global sector waiting to be disrupted, and we are uniquely positioned to take advantage of that.”
