Retirement technology player Smart USA, a division of Smart Pension, announced Wednesday that it's purchasing ProManage, a financial wellness services provider that offers personalized retirement solutions to plan sponsors and their plan participants. Terms of the deal were not disclosed.
Smart USA’s acquisition is the latest in a string of deals for the U.K.-based company, including last year’s purchase of Stadion Money Management. The ProManage deal, which raises Smart’s global assets under management to more than $10 billion, follows Smart’s recent $95 million Series E funding round.
ProManage’s BeFine financial wellness app lets employees view their benefits, retirement readiness and financial accounts in a single place.
MJR Capital acted as financial advisor and ArentFox Schiff acted as legal counsel to ProManage on the deal. Polsinelli PC acted as legal counsel to Smart.
“The acquisition of ProManage aligns with our commitment to delivering innovative retirement technology solutions that address the needs of plan sponsors and their plan participants,” Jodan Ledford, CEO of Smart in the U.S., said in a statement.
Ledford added that the acquisition is a testament to the company’s “ongoing mission to close the coverage gap and provide better outcomes for participants as they save for, and spend through, retirement.”
"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,” said Tony Sabos, co-founder and CEO of ProManage.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.