Financial technology group True Potential has appointed a prominent financial services figure to help drive its ongoing expansion, amid rapid year-on-year growth.
The company, which supplies technology to 20 per cent of UK financial advisers, has appointed Steve Hutton as Head of Strategic Acquisitions.
Hutton joins the firm after six years at UBS Asset Management, where he was a UK board member and head of the firm’s UK and Ireland wholesale business.
His new role will see him assist in the development and implementation of True Potential’s various growth strategies and build on the company’s close partnerships with advisers – overseeing acquisition and succession planning.
“I’m looking forward to being fully engaged with True Potential, I know the business well having worked in partnership with it for over three years,” he says. “I am now able to assist this very exciting company with its plans to continue delivering excellence to its clients and adviser firms.”
The appointment comes as True Potential looks to build on a strong period of trading. Newly published figures show that annual turnover hit GBP99 million in the year ended December 2017, up from GBP69 million the previous year and GBP56.7 million in 2015.
Company profits rose by 61 per cent from GBP15 million to GBP24 million in the period, while assets on the firm’s in-house investment platform climbed to GBP7.5 billion.
True Potential now has over two million clients in total, with 20 per cent of UK financial advisers using its technology and over GBP52 billion of client assets under its administration.
Senior partner Mark Henderson says: “Last year turned out to be a remarkable one for True Potential. With Steve Hutton – and the vast experience he brings – on board, we expect to record another year of strong growth throughout 2018, with several new developments in the pipeline. Among them is a major upgrade to our current investment platform. The new version, built entirely in-house, incorporates the latest blockchain technology, affording us greater control and adding greater clarity to our supply chain and customer value chain.”
True Potential’s growth in 2017 was driven by the success of both its technology and its own range of globally diversified, multi-asset investment portfolios.
The firm’s investment partners include UBS, BMO Global Asset Management, Allianz Global Investors, Goldman Sachs Asset Management, Schroders, SEI, 7IM, Columbia Threadneedle, Close Brothers and HSBC.
Last month True Potential was named winner of the public vote at the Grand Final of the European Business Awards. The firm topped the public vote spanning 34 countries to become the 2018 European Public Champion. This prestigious European accolade is an addition to the Award for Excellence in Financial Services 2018 and the UK Enterprise Awards.