Former True Potential CEO Steve Hutton
Steve Hutton, the CEO of True Potential Wealth Management, has left the business after eight months in the role of CEO.
The company, one of the country’s fastest expanding firms of financial advisers, is based in the North East.
Mr Hutton had been with the business for seven years and was a partner. He was promoted in December last year to CEO.
Companies House records show that his appointment ended on 23 July.
He joined the company from UBS Asset Management as head of strategic acquisitions in 2018 with a role to help steer the rapid growth of the company and build on the firm's partnerships with advisers.
He has 36 years experience in the industry and was a UK board member of UBS and head of their UK and Ireland wholesale business. Earlier in his career he led Fidelity International’s IFA sales team and worked at Scottish Widows Investment Partnership and Invesco Perpetual Investment Management.
He also worked for five years as an IFA, specialising in developing professional connections.
In a short statement, True Potential said that after seven years with the company Mr Hutton had decided to leave the business. It praised his record in building growth.
A company spokesperson said: "Throughout his time at True Potential, Steve has played a key role in the growth of the business, and the development of True Potential Wealth Management. During his seven years at TPWM we have seen adviser numbers, assets under advice and EBITDA grow materially. We’re very grateful for Steve’s years of leadership and commitment to the organisation. We will be recruiting a full-time replacement in due course."
In October True Potential appointed Gerry Mallon, former CEO of Tesco Bank, as its new group CEO.
The company is hunting for a replacement for Mr Hutton and has appointed chief client officer Jamie Sexton as interim CEO in the meantime.
True Potential has expanded rapidly in recent years as a consolidator and acquirer of financial advisory firms and has become one of the UK’s biggest financial advisory businesses as a result.
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