Smart plans to double its AUM this quarter as it closes $95m Series E

Co-founders expect to hit £10.5bn in AUM by the end of June 2023.

Workplace pension provider Smart has raised $95m and expects to more than double its assets under management (AUM) by the end of Q2, taking its total to over £10.5bn.

That’s a dramatic acceleration from the company’s current £5.5bn in AUM, but Smart’s co-founders Andrew Evans and Will Wynne are confident that rising global demand along with “strategic M&A” can help the company achieve this.

Smart’s total AUM figure includes those funds which clients are investing via its Keystone technology platform as well as its own Smart Pension Master Trust customers, one of the UK’s major auto-enrolment master trusts.

Among Smart’s customers outside of the UK are Zurich Workplace Solutions in the Middle East and the Dubai government workplace saving scheme.

Smart’s fresh funding round is being led by private investment firm Aquiline Capital Partners, with existing investors Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers taking part.

“This is a $62 trillion global sector in the early stages of being disrupted, and we are uniquely positioned to take advantage of that,” said Evans and Wynne.

“We have already reached scale and profitability in the UK, with Smart Pension now serving in excess of one million savers, and this backing allows us to achieve that scale and profitability in our global markets across the group.”

As part of the funding round Aquiline’s Charles Janeway will join Smart’s board as a non-executive director.