State Street backed digital wealth manager nears £500m AUM

By Daniel Lanyon on 24th July 2018

Robo-Advice

The fintech platform PensionBee is hoping to disrupt the pension giants and is rapidly gathering assets.

State Street backed digital wealth manager nears £500m AUM
Image source: https://goo.gl/2nRVRP

In its plan to shake up the vast UK pensions market the fintech platform PensionBee is taking on on some of the largest financial services giants in the world. Now, since launching two years ago, its growth is starting to accelerate.

According to the firm it now has £250m of assets under management at the end of July 2018, with a further £250m of pension assets in-transit meaning it has grown to be in the top three of digital wealth managers based on U.K assets under management.

Back in December 2017, PensionBee reported just £100m in terms of AUM. This was swiftly followed by a string of partnerships including with State Street, one of the world’s largest financial institutions, taking a strategic minority stake

PensionBee takes legacy pensions from clients and combines into one plan. It says that after several smaller pensions are combined into a PensionBee plan, a typical customer will have a starting balance of £25,000. The average age of a customer has risen from 37 in 2016 to 43.

Romi Savova, CEO of PensionBee said: “Making pensions simple and easy clearly strikes a chord amongst UK savers. It remains at the core of our company and together with our customers we will continue to build the UK’s most loved pension product, helping more people to save for a comfortable retirement.”

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