Smart USA CEO buys out US business, taking Stadion independent

What's the deal? Smart USA is being sold to Rival Companies, LLCDealroom has a profile for this one. Try Dealroom →, owned by current chief executive officer Duane Bernt, in a management buyout that returns the US retirement business to independent ownership. The deal covers the US entities formerly owned by London-based Smart, including primary operating company Stadion Money ManagementDealroom has a profile for this one. Try Dealroom →. Bernt will continue as CEO after closing, expected in the third quarter.

Why now? The sale lets Smart, a global savings and investments technology platform, focus resources on its core international markets while giving the US businesses dedicated ownership and continuity.

What each side brings: As of July 31, 2026, Stadion advises roughly $2.8 billion in assets under management. Its technology platform administers more than $15 billion and serves about 200,000 defined contribution participants.

What's the endgame? Bernt said the deal will let "our wonderful Stadion culture to thrive" and strengthen commitments to the recordkeepers, asset managers, and advisers it serves. The leadership team will stay focused on "scalable and efficient retirement plan solutions," including technology for personalised retirement planning.

The bigger picture: Smart, launched in 2015, runs its Keystone platform for governments and financial institutions across the UK, Europe, Middle East, and Asia. More than two million savers entrust over $20 billion on Keystone, backed by investors including BarclaysDealroom has a profile for this one. Try Dealroom →, J.P. MorganDealroom has a profile for this one. Try Dealroom →, Fidelity International Strategic VenturesDealroom has a profile for this one. Try Dealroom →, and Legal & GeneralDealroom has a profile for this one. Try Dealroom →.

The signal: The buyout splits a transatlantic platform along geographic lines, letting each entity concentrate on its home market. For Stadion — founded in 1993 near Athens, Georgia — independence returns control to management while Smart doubles down on its international growth.

Image credit: Generated with Gemini