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Wealthy Norwegian family acquires stake in UK's Smart Pension

Norway's Stensrud family agreed to acquire a stake in London-based auto-enrollment pension provider Smart Pension for millions of pounds, insiders told Sky News on June 4.

The investment in Smart Pension's £15 million series B funding will value the U.K.-based firm at £65 million, the sources said. U.K. employers are required to set up auto-enrollment workplace pensions for their employees by 2018, Sky News noted.

The Stensruds are a fund tycoon family who own the Norwegian asset manager Skagen. Smart Pension was co-founded by a former head of Lloyds Banking Group Plc's wealth unit and a technology entrepreneur in 2014.

Legal & General Group Plc's Legal & General Investment Management also owns a stake in Smart Pension, which it acquired in mid-2016.