JP Morgan-backed workplace pensions provider Smart hits £5bn in platform AUM

Workplace pensions provider Smart has seen the total assets under management (AUM) of its pensions platform grow by 117 per cent over the last 12 months, AltFi can exclusively reveal.

The result is over £5bn in AUM, a milestone that is nearly three times the last reported AUM of its challenger workplace pension rival Cushon, which was acquired by NatWest last week for £144m, and £2bn more than private pension provider PensionBee.

Unlike its rivals, Smart recently launched its own Keystone technology platform as an offering for corporates and other pension providers to harness, including global insurer Zurich and New Ireland Assurance.

Smart’s total AUM figure includes those funds which clients are investing via Keystone as well as its own Smart Pension Master Trust customers.

“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.

Smart is backed by financial heavyweights including JP Morgan and Legal & General, and is reportedly working on a £100m equity funding round, according to Reuters.

“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.”