Novia Tag

True Potential is in the news again. The offer from Cinven (a UK-based Private Equity firm that has raised over £37bn in over 40 years of operations) has been accepted and the price tag being talked about is in the region of £2.4bn.  That's a lot of money.  But what's more they plan to grow the business over the next three years and IPO it at a market valuation of c£5.5bn.

A lot has happened in the world of platforms this week — most of it in Scotland. First there was the news that Standard Life Aberdeen is selling Parmenion, one of its three platforms. Hot on its heels was the announcement that its Edinburgh neighbour, Nucleus, had received offers for its entire share capital. Last but not least, Novia is reportedly changing hands before Christmas (OK, Novia is technically not Scottish but bear with us).

Are you, like me, wondering where the year has disappeared to? We’re now officially in the fourth quarter, and we’ve just sent our third quarter data requests to platforms. One platform was way ahead of us, sending its data through on 1st October before we’d even asked for it (well done TDDirect)! This will probably be the last time we collect the data manually as we’ll be migrating data providers onto a database from next quarter. That means that instead of sending us an excel template, platforms will be able to log in to our system and upload the data directly. It will save us a huge amount of time, so naturally we’re really excited.