Banking behemoth JP Morgan has made a strategic investment in workplace pensions startup Smart Pension, the firm will announce today, as part of a fresh equity funding round.

The size of the round was undisclosed, however Smart Pension said it had raised around £50m to date.

JP Morgan took a minority equity stake as part of the deal, while Smart Pension added it is in early-stage talks with other strategic partners globally.

JP Morgan’s global head of retirement solutions Anne Lester said the investment was part of the asset manager’s plan to offer technologically-innovative pensions and savings solutions to its customers.

She will take up a non-executive seat on the startup’s board.

Other Smart Pension backers include Legal & General Investment Management and prolific UK angel investor Chris Adelsbach.

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