True Potential

Last updated
True Potential
Founded2007
Headquarters Newcastle-upon-Tyne, England, UK
Key people
  • Sir David Harrison (Chairman and Founder)
  • Daniel Harrison (CEO and Co-Founder)
  • Mark Harrison (Co-Founder)
  • Earl Glasgow (Co-Founder)
ProductsISA, personal pension, general investment accounts
Revenue£337.9 million (2023)
Total assets £24.5 billion
Number of employees
450
Website www.truepotential.co.uk

True Potential is a British wealth management and financial technology company based in Newcastle, England. [1] [2] The company provides investments to clients across the UK, [3] both to financial advisers and their clients. [3] [4] [5]

History

True Potential was founded in 2007 by Chairman Sir David Harrison and his investment partners. [6]  Prior to founding True Potential, Harrison had founded the financial services firm Positive Solutions, which he sold to Aegon in 2003. [6]

From 2012 to 2017, True Potential was included on the Deloitte Technology Fast 50 list of fastest growing technology companies in the UK. [7] [8] In 2017, True Potential also won Business of the Year at the European Business Awards. [9]

In 2018, True Potential appointed bankers from Perella Weinberg Partners to facilitate a sale of the company. [10]

A majority stake in True Potential was acquired by global private equity firm Cinven in 2022. [3] [11] [12] Other firms that made a bid for True Potential included Pegasus Europe. [13]

In February 2023, True Potential appointed Ben Thorpe as Chief Financial Officer. [14] In April 2023, True Potential appointed Andrew Sibbald as Deputy Chairperson. [15]

True Potential engages in philanthropic initiatives through the Harrison Foundation. [16] [17] The company also has a partnership with the Open University, the True Potential Centre for the Public Understanding of Finance, which delivers free courses to better learners’ understanding of personal finance. [18]

The services offered by True Potential include investment management, [4] financial planning, [19] and retirement planning. [20]

Reference

  1. ↑ Banking, Ben Martin (2023-11-06). "True Potential could be realised by early stake sale". The Times . ISSN   0140-0460 . Retrieved 2023-11-06.
  2. ↑ Media, Insider (2023-04-03). "Another year of growth for True Potential". Insider Media Ltd. Retrieved 2023-11-06.
  3. 1 2 3 Vallely, Lois (2022-02-08). "True Potential completes sale of stake to private equity firm Cinven". Money Marketing. Retrieved 2023-11-06.
  4. 1 2 Ford, Coreena (2023-04-03). "Newcastle's True Potential hails record results as assets top £24bn". Business Live. Retrieved 2023-11-07.
  5. ↑ Whitfield, Graeme (2016-11-18). "Newcastle technology firm True Potential makes UK growth list for three years running". Chronicle Live. Retrieved 2023-11-07.
  6. 1 2 "The millionaire boss who admits he had a lot of luck". BBC News. 2017-07-16. Retrieved 2023-11-06.
  7. ↑ Manning, Jonathon (2017-06-11). "He runs Europe's best business: can David Harrison really be that nice?". Chronicle Live. Retrieved 2023-11-06.
  8. ↑ Whitfield, Graeme (2016-11-18). "Newcastle technology firm True Potential makes UK growth list for three years running". Chronicle Live. Retrieved 2023-11-06.
  9. ↑ Whitfield, Graeme (2017-05-05). "Newcastle company True Potential wins European Business Award". Chronicle Live. Retrieved 2023-11-06.
  10. ↑ "Wealth platform to realise True Potential with £2bn sale". Sky News. Retrieved 2023-11-06.
  11. ↑ English, Simon (2021-09-08). "Cinven snaps up True Potential in £2.5 billion deal". Evening Standard. Retrieved 2023-11-06.
  12. ↑ Crowley, Amy-Jo; Cerqueiro, Pablo Mayo; Cerqueiro, Pablo Mayo (2023-07-12). "Cinven eyes True Potential stake sale as soon as next year". Reuters. Retrieved 2023-11-06.
  13. ↑ "Mustier and Arnault's SPAC targets £2.5bn UK fintech True Potential". Sky News. Retrieved 2023-11-06.
  14. ↑ "True Potential appoints Ben Thorpe as CFO". www.ftadviser.com. Retrieved 2024-03-13.
  15. ↑ "True Potential appoints deputy chairperson". ftadviser.com. Retrieved 2024-03-13.
  16. ↑ "Education and employability training centre opens in Teesside". The Northern Echo. 2022-12-06. Retrieved 2023-11-06.
  17. ↑ "Read: A virtuous circle where productivity and profit drive social purpose". Fit for Purpose. Retrieved 2023-11-06.
  18. ↑ Whitfield, Graeme (2020-05-14). "Record results and buy-back as True Potential continues growth". Business Live. Retrieved 2023-11-06.
  19. ↑ Read, Simon. "True Potential founder David Harrison knighted". www.financialplanningtoday.co.uk. Retrieved 2024-03-13.
  20. ↑ "True Potential launches retirement planning system". ftadviser.com. Retrieved 2024-03-13.

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