UK wealth management company True Potential is considering a $2bn (£1.4bn, €1.6bn) special purpose acquisition company (Spac) float on Wall Street.
According to British newspaper Evening Standard, bankers at Credit Suisse in the US are working on plans which would see the firm merge with a Spac to allow it to enter the US stock exchange.
True Potential works with around 20% of the UK’s financial advisers, provides technology to 1.4 million private clients, and has its own consumer investment platform as well.
The wealth manager tried to sell its business in 2018 after it appointed bankers to “consider and advise on the domestic and international interest” that had been shown in the firm.
No M&A deal was agreed at the time.
But the British newspaper reported that the company has not scrapped the idea of selling to a trade buyer or a private equity firm just yet.
Spacs in the UK are suspended when they identify an acquisition target, but the London Stock Exchange has been mulling ways to create a British equivalent, and the Financial Conduct Authority opened a consultation on changing listing rules.
International Adviser reached out to True Potential but did not receive a comment in time for publication.
