"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 U.K. and globally," said Mark Cullen, member of the executive board of DWS Group and chief operating officer, said in a news release. "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."
Smart Pension is a cost-efficient savings and investments technology platform operating in the U.S., Europe, Australia and the Middle East. It provides access to savings technology to close to a million users.
Andrew Evans and Will Wynne, Smart co-founders, added in the release: "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."
In June, Chrysalis Investments invested £75 million ($104 million) in Smart to take an undisclosed stake in the company.
Other investors in Smart include Legal & General, J.P. Morgan Chase & Co., the Link Group, Barclays and Natixis Investment Managers.