Two major asset managers, Franklin Templeton and T Rowe Price, have been involved in talks to buy platform, fund management and advice business True Potential, Money Marketing understands.
In September last year Sky News reported that True Potential could be valued up to £2bn. The company itself announced Perella Weinberg Partners had been appointed to deal with offers from prospective buyers.
According to sources close to the deal two such prospective buyers are US fund management giants T Rowe Price and Franklin Templeton.
It has also been reported US private equity giant KKR also made a bid for True Potential. Money Marketing understands that the firm progressed to a second stage in the bidding process.
Both T Rowe Price and Franklin Templeton declined to comment.
A True Potential spokesman says: “As we confirmed in September, True Potential appointed Perella Weinberg Partners to consider our options and, following a strong start to 2019, that process continues.”
T. Rowe Price is an American publicly owned global asset management firm with $1trn (£770bn) in assets under management. The firm offers fund management, advice services and retirement plans.
Franklin Templeton is also a publicly owned global asset manager, based in the US. It has $678bn assets under management.
True Potential is owned by 739 individual partners, with a minority stake held by US private equity firm FTV Capital. In 2017 it made a profit of £24m, with a turnover of £99m.