Fintech company and Master Trust provider Smart Pension has formed a strategic partnership with Link Group, a leading administrator in the Australian superannuation industry.
As part of this deal Link will take an equity investment in Smart Pension.It will also take on the administration for the Smart Pension Master Trust, which has grown quickly following a number of consolidation deals, including Lighthouse Group and Corpad. Smart confirmed more “significant mergers” are in the pipeline.
Announcing the tie up, both parties said this would enable them to expand into new markets, both in the UK and overseas.
For the Link Group this will give them a credible entry point into the UK’s growing retirement market, and it will also strengthen Smart’s global ambitions — the firm already delivers savings platforms in Ireland and Dubai.
Smart Pension co-founder and chief executive Andrew Evans says: “Link Group has been at the forefront of administration in a very successful Australian superannuation market and it continues to invest in state of the art systems. This is a very positive partnership which facilitates both companies entering new markets.
“It significantly strengthens our global expansion plans while giving Link Group access to the UK retirement market and our leading financial products, including our at-retirement solution ‘Smart Retire’.”
Link Group Managing Director, John McMurtrie, adds: “This partnership will leverage Link Group’s core capabilities and is an example of our strategy to identify attractive adjacent market opportunities aligned with our service strengths, with a pathway to future growth.”
Link Group joins Europe’s second largest asset manager, Legal & General, and the US asset manager, J.P. Morgan, as an equity investor in Smart Pension.
John McMurtrie will take a non-executive seat at the Smart Pension board.