Online pension provider PensionBee Group plc has launched its business in the United States.
The London-listed business says the US is the world’s largest defined contribution pension market, representing approximately 80% of the global total.
Its wholly-owned US subsidiary PensionBee Inc is now registered with the US Securities and Exchange Commission as an investment adviser.
As announced in May this year, PensionBee entered into a strategic agreement with a large, US-based global financial institution, which is confirmed to be State Street Global Advisors.
The company and SSGA have previously collaborated on the company’s UK investment offerings, where SSGA acts as an investment manager of certain underlying portfolios.
PensionBee expects its US business to grow rapidly, aiming to administer $20-25 billion in US defined contribution assets over the next decade, such that it becomes of equal importance to its growing UK business.
“In the year of our 10th anniversary since founding PensionBee, we are delighted to expand the reach of our award-winning customer proposition, innovative technology platform and unique marketing approach to the US market,” said Romi Savova, CEO.
“Our vision is a world where everyone can enjoy a happy retirement. By entering the world’s largest Defined Contribution pension market, where many consumers still struggle to prepare adequately for retirement amidst an array of confusing and opaque investment options, our unique and simple approach to online retirement savings will resonate.
“We are excited to work with our long-standing partner, State Street Global Advisors, to transform the retirement savings market for millions of American consumers.”