True Potential is the latest advisory and platform business to be snapped up by private equity. The story was broken on Tuesday evening, by broadcaster Sky News which suggested that Cinven had bought the firm in a deal valuing it at between £1.6bn and £2bn.
True Potential has issued a statement confirming it has completed an agreement to sell to Cinven, though as Citywire reports neither company would specify how much money was changing hands.
There have been concerns in the market about private equity ownership and whether such relatively short time horizons fit the long-term model of advice firms.
It is striking to see TP command such a large valuation. Also interesting to see if the Harrisons remain with the business long term.
Sanlam UK is selling its life and pensions business to consolidator Chesnara for £39m.
The FCA has decided it will not introduce a redress scheme for BSPS members because of a lack of information. It will likely prove to be a controversial decision.
FCA chief executive Nikhil Rathi has told MPs that tackling fraud risks outside the perimeter of regulation but involving authorised firms "will be a key aspect of the FCA’s surveillance, triage and interventions work".