Sky News is reporting that private equity firm Cinven is close to sealing a deal to buy North East-based wealth manager and Financial Planner True Potential.

Wealth manager and platform True Potential has reported group turnover up 28% to £184.9m and group profit up 59% to £74m in its 2020 results.

Transact has kept its spot as top adviser platform in terms of net sales in 2020, according to data from platform and fund research house Fundscape.

International and domestic would-be buyers are in the running to acquire wealth platform True Potential in what could be a £2bn sale.