Ashcombe Advisers is pleased to announce that it acted as financial adviser to Smart Pension (www.AutoEnrolment.co.uk) on an investment by Legal & General Investment Management (LGIM), also encompassing a partnership agreement between the two companies. Smart Pension provides a fast, secure and free end-to-end auto enrolment service to employers, and has quickly established itself as one of the largest independent platforms in the market. Approximately 1.8 million companies are required to provide a workplace pension for their employees by February 2018, and these are expected to generate £15bn in new pension savings every year from 2019.
Andrew Evans, co-founder of Smart Pension commented: “Whilst we have been discussing our business with Ashcombe for some time now, this is the first occasion on which we have formally engaged them as corporate finance advisers and they were instrumental to helping us secure this excellent partnership with LGIM. We look forward to working with them again.”
Simon Bullivant of Ashcombe added: “It was a pleasure to work with such a talented management team. Smart Pension is an exciting business, with huge embedded growth, and it is no surprise that we were able to attract a top drawer investor like LGIM.”
LGIM is one of Europe's largest institutional asset managers with £746bn AUM for more than 3,000 clients (as at 31 December 2015). In DC LGIM manages £48bn on behalf of a wide range of clients.
Since 2014, Ashcombe has now completed over 20 transactions with an aggregate value in excess of £3.6bn. This deal extends the range of the core financial services franchise, and adds to Ashcombe’s growing portfolio of tech business clients.