German Asset Manager DWS Group Acquires Minority Stake in Smart Pension

German Asset Manager DWS Group Acquires Minority Stake in Smart Pension

by October 15, 2021

Smart, a global savings and investments technology platform provider based in London, announced that DWS Group has acquired a minority stake in the firm by joining its £165 million series D funding round.

The DWS Group is a German asset management company with €859 billion in assets under management (AUM), was formerly a part of Deutsche Bank.

The group spun off to became a separate entity through an initial public offering on the Frankfurt Stock Exchange in 2018.

Existing investors Chrysalis Investments who led the Series D fundraise with a £75 million investment and was joined by Barclays, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers.

Smart’s technology powers their own captive master trust, one of the “big four” UK auto enrolment master trusts, as well as partnering with major financial institutions internationally including Zurich in Dubai, and New Ireland Assurance in Ireland.

Smart’s technology platform serves close to a million savers, and is on a trajectory to support 5 million savers over the next 24 months, having grown from £100m AUM to £2bn in just over two years.

Mark Cullen

Mark Cullen

Mark Cullen, member of the Executive Board of DWS Group and Chief Operating Officer said,

“Acquiring a minority stake in Smart is an exciting investment opportunity for DWS given the outlook for growth in defined contribution pension savings both in the UK and globally.

 

We believe that the strength of Smart’s technology platform underpins their current success and that the asset management capabilities of DWS have the potential to help Smart to achieve its global ambitions.”

Co-founders of Smart, Will Wynne and Andrew Evans said in a joint statement,

“Alongside our other strategic investors, we are delighted to announce DWS Group as an investor in Smart.

 

With strategic partners like DWS Group, and our existing stable of investors, we are in a great place to continue executing to deliver on that, providing governments, financial institutions, employers and savers across the world with a better financial future.”

 

Featured image: Co-founders of Smart, Will Wynne and Andrew Evans, image via Smart

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