True Potential 'plotting potential £2bn sale'

Sky News has said the Newcastle-based firm, which was set up in 2007 and is owned by 739 individual partners, could be valued at close to £2bn. The IFA and fintech business reported profits of £24m last year and has more than £52bn of assets under administration.

Founder David Harrison runs the vertically integrated firm, which serves more than one million clients and claims to work with more than 20% of the UK's financial advisers.

True Potential ends SEI link-up to go in-house for platform tech

A True Potential spokesperson told Sky News: "2017 was an exceptionally strong year for True Potential and that performance has accelerated throughout 2018, in an industry that is also growing fast.

"It is inevitable there would be interest in the company. True Potential has appointed Perella Weinberg Partners to consider and advise on the domestic and international interest that has been shown in us."

Any deal would see the company following in the footsteps of a number of other fintech businesses that have looked to cash in on their growth in recent months. The likes of Nucleus and Transact parent IntegraFin have gone public and listed over the summer, while AJ Bell is looking to do so at the end of this year or in 2019.

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