UK wealth management fund True Potential eyes $2bn US Spac float
UK wealth management fund True Potential is eyeing a potential $2bn Spac listing in the US, according to reports, snubbing the London Stock Exchange for Wall Street.
Credit Suisse’s US bankers have tabled plans to merge the management fund with a special purpose acquisition company, the Evening Standard first reported.
Working with nearly 20 per cent of the UK’s financial advisers, True Potential has around 1.4m private clients and an in-house investment platform.
The financial firm also has partnerships with the UK’s UBS Asset Management, Schroders and the US’s Goldman Sachs.
True Potential is said to have been on the hunt for a buyers since May, but this week potential backers were shown marketing details for a US Spac deal.
The Spac route for a UK company will be an unusual but not unprecedented move.
Most UK firms doing Spacs have been in tech sectors with high growth, like Cazoo’s lofty listing.
And with the London Stock Exchange looking for more tech-based UK IPOs, it could be seen as a blow for the capital’s top market.