Platform, fund management and advice business True Potential has been put up for sale, in a deal that could be worth up to £2bn, according to Sky News.
It is reported True Potential has appointed bankers from Perella Weinberg Partners to deal with offers from prospective buyers.
The company is owned 739 individual partners, with a minority stake held by US private equity firm FTV Capital.
The vertically integrated company made a profit of £24m last year, with a turnover of £99m.
In a statement to Sky News, a True Potential spokesman 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.”
In April this year True Potential announced it was dropping its contract with SEI in favour of developing its own in-house technology.
True Potential senior partner Daniel Harrison said the decision to build the firm’s own technology will open up “powerful opportunities for the platform moving forward”.
The news follows a number of platform companies making or announcing sales in 2018, including Transact, Nucleus, AJ Bell and technology provider FNZ.
Sky News notes True Potential’s high values to earnings ratio that would come with a £2bn valuation as consumers increasingly make use of digital platforms.