Advisory and fund management firm True Potential has appointed bankers from Perella Weinberg Partners to “consider and advise on the domestic and international interest that has been shown” in the firm.
Based in the north-east of England, True Potential is plotting a sale that could value it at close to £2bn ($2.6bn, €2.2bn), reports Sky News.
In a statement to the news channel, a company spokesperson said: “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 that 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.”
A decade old
Set up in 2007, the firm has three core businesses; True Potential Investments, True Potential Wealth Management and True Potential Adviser Services.
The company said it is one of the largest adviser service providers in the UK, with 666 directly authorised firms and over 2,500 advisers.
In 2017, the group reported turnover of £99m and group profit of £24m, according to its results published in March 2018.
Assets on platform increased by 40% to over £6.8bn between 2016 and 2017.