Fintech newcomer Smart has doubled the size of its U.S. team with a new managed account acquisition.
Smart, which describes itself as a “global retirement technology provider that offers modular ways for financial institutions, including recordkeepers, advisors, and asset managers to build scalable, customized retirement solutions,” has agreed to acquire Stadion Money Management through Smart’s U.S. subsidiary, which is based in Nashville.
Located near Athens, GA, Stadion is an independent managed account provider that offers retirement services to plan sponsors and participants, recordkeepers, asset managers and advisors. As of Nov. 30, 2021, it had $2.3 billion in AUM and more than 4,000 plans.
Smart will gain 40 professionals through Stadion, doubling its U.S. team to more than 80 employees. Stadion’s office near Athens will become a new footprint for Smart, extending the reach from its Nashville headquarters. The entire Stadion leadership team and staff will remain in place.
According to a Jan. 6 press release, the acquisition marks the latest in a series of milestones for Smart globally, including realizing a growth of 2,000% in AUM over the past three years.
The transaction is slated to close in Q1 2022, though the terms of the deal were not disclosed. Stadion will become a wholly owned subsidiary of Smart. As part of the transaction, funds managed by TA Associates will sell 100% of their ownership in Stadion.
The firm notes that Stadion’s technology and managed account knowledge will bolster Smart’s ability to offer a transformative suite of retirement technology that will help participants save and meet their objectives for, and spend confidently through, retirement.
Smart says it has ambitions to further its growth in the U.S. and will seek to align with additional like-minded strategic partners who share a vision for transforming retirement savings.
