The world's third largest asset manager, State Street Global Advisors (SSGA), has taken a strategic minority stake in UK fintech startup and online pension manager PensionBee.
PensionBee helps customers to find and combine their old pensions into one new online plan, with money managed by some of the world’s biggest money managers, including SSGA.
Launched in mid-2016, the company has grown to c. £100 million in fee-earning assets with close to 8,000 active accounts and an additional c. £125 million of assets-in-transfer.
As a result of the financing, PensionBee will be expanding its white-label product line to offer pension consolidation services to banks and life companies.
Nigel Aston, global head of defined contribution proposition and ftrategy for SSGA, says: “We have really enjoyed working closely with PensionBee over the last few years. We have been incredibly impressed and excited by how they use smart technology, innovative communication techniques and new media to attract and engage their audience. We are really looking forward to working even more closely together as we enter the next stage of our partnership.”
It's another example of a big and established brand in finance investing in the UK digital wealth space following Aviva's recent acquisition of a stake in Avoka and BlackRock's investment in Sacalable Capital.