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Online pensions provider PensionBee plans London listing

Reuters
Updated ·1-min read
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

LONDON (Reuters) - Online pensions provider PensionBee plans to list on the London Stock Exchange, it said on Tuesday.

The firm has around 130,000 customers and 1.5 billion pounds ($2.08 billion) of assets under administration, it said in a statement.

PensionBee was founded in 2014. Its platform enables investors to combine their pensions and invest in a range of online plans.

The pensions industry has traditionally relied on the use of independent financial advisers meeting customers face-to-face, but that has had to change as a result of COVID-19.

"With a clear acceleration of the structural shift to online services, PensionBee is well-positioned to execute against its growth ambitions," Chairman Mark Wood said.

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PensionBee said its core target market is an estimated 40.8 million non-workplace and dormant workplace pension pots.

PensionBee said it planned an institutional offering and an offer for existing customers, with shares to be admitted to the high growth segment of the London Stock Exchange's main market.

Keefe, Bruyette & Woods is acting as key adviser and sole global co-ordinator.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)