Rival Companies LLC Purchases Smart’s US Businesses

Smart USA Co., a managed accounts provider, announced today it will be acquired by Rival Companies LLC, a management company owned by Smart USA CEO Duane Bernt.

The deal includes the U.S. entities formerly owned by Smart Pension Ltd., a global savings and investments platform provider. Bernt will continue to lead Smart’s U.S. businesses, including the primary operating company, Stadion Money Management LLC, as CEO. The transaction is expected to close in the current quarter.

According to the announcement, the agreement will allow Smart to focus on international markets and will provide dedicated ownership for the U.S. entities.

“This transaction will enable our wonderful Stadion culture to thrive as well as embolden our commitment to the recordkeepers, asset managers, advisers and other retirement plan providers we serve,” Bernt said in a statement. “Our leadership team will remain focused on delivering scalable and efficient retirement plan solutions, including technology that powers personalization to help employees pursue retirement security.”

As of July 31, Stadion, founded in 1993, had approximately $2.8 billion in assets under management. The firm’s retirement plan and participant-level investment solutions platform administers more than $15 billion in assets and serves roughly 200,000 defined contribution participants, according to the company.

The remaining Smart businesses operate in Europe, the Middle East and Asia, with more than 2 million savers holding more than $20 billion in assets on the company’s Keystone platform, according to the announcement. Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General, MUFG and Natixis Investment Managers are all investors in Smart.