Smart grows AUM past £8bn through acquisition of ProManage

• The deal accelerates Smart’s AUM further, taking current £5.5bn AUM past £8bn
• Latest transaction is part of an ongoing global M&A strategy for Smart
• The announcement follows Smart’s recent £76m Series E funding round, and £3bn AUM milestone for Smart Pension in the UK

31 May 2023, London. Smart, the London-headquartered fintech transforming the global retirement savings market, today announces its latest strategic acquisition. The company has acquired ProManage, LLC (ProManage), an independent, US-based retirement savings solutions provider that offers managed retirement savings accounts and other personalised retirement solutions. This move is part of Smart’s global M&A strategy and follows its £76m ($95m) Series E funding in May, which was led by Aquiline.  

The acquisition, which closed on May 31, 2023, makes ProManage a wholly-owned subsidiary of Smart. With this acquisition, Smart’s global assets under management are now over £8 billion. The terms of the deal have not been disclosed. The acquisition of ProManage will further bolster Smart's transformative suite of financial wellbeing and retirement savings technology across the globe. 

ProManage's products, technology and relationships make Smart the fifth largest managed retirement savings account provider in the US. The scale, brand, and enhanced toolset of the combined organisation have global applicability. ProManage’s existing and highly-experienced leadership team will remain in place. 

The £8bn global AUM milestone follows news that Smart Pension - Smart’s workplace pension business in the UK, serving over 1 million UK pension savers – reached £3bn AUM in May 2023. 

The co-founders of Smart, Andrew Evans and Will Wynne, said: 

“The acquisition of ProManage perfectly aligns with our commitment to deliver innovative technology for retirement planning. This acquisition is a testament to our ongoing mission to transform retirement, savings and financial wellbeing, across all generations, around the world. We are excited to bring the ProManage team into the Smart family, and we are united in our vision to transform the retirement marketplace to the benefit of savers across the globe.

“Accelerating through the milestone of £8 billion assets under management is evidence of the strength and resilience of our business, whether that’s our fast-growing UK master trust, our expanding international partnerships, or through strategic acquisitions. We continue to transform retirement, savings and financial wellbeing by bringing clients onto our industry-leading platform, Keystone. More people than ever are now saving their money through Smart, and the strength of our industry-leading platform, Keystone, has been an important driver of that.” 

Tony Sabos, co-founder and CEO of ProManage, said:

"This merger not only unites ProManage with a global leader in retirement technology, but also with a company that shares our commitment to providing participants with tailored financial solutions. We are excited to partner with Smart to accelerate the expansion of our technology-enabled financial wellness, managed accounts and retirement income services and we look forward to supporting the company’s next stage of growth.”

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‍About ProManage

ProManage, LLC, is the creator of BeFine™, a financial wellness app that gives employees a holistic view of their benefits, retirement readiness and financial accounts in one place, as well as their retirement solutions the ProManage PROgram™ and Vision. Headquartered in Chicago, ProManage is a federally registered investment adviser, which has been in business since 1998 (first as Strategic Financial Concepts, Inc., then ProManage, Inc. and ProManage, LLC). Registration with the United States Securities and Exchange Commission (SEC) does not connote a certain level of skill or training. Past performance is not a guarantee of future returns. All investing involves risk, including the risk of loss of principal. Additional information about ProManage can be found at https://promanageplan.com/, as well as at https://adviserinfo.sec.gov/firm/summary/133357.