Consolidator Perspective Financial Group has acquired Newcastle-based independent financial advisory firm Galloway Whitfield (Life & Pensions).

The deal adds £50m in assets to Perspective’s books along with more than £300,000 of annual turnover.

The acquired entity will now be part of Perspective’s Newcastle upon Tyne-based North East branch.

Galloway managing director Alan Galloway will remain with Perspective for an initial period to ensure a smooth transition before retirement.

Galloway financial adviser Julie Hunter will move to Perspective as part of the deal. He will serve new as well as existing clients.

Perspective did not reveal how much it paid for the acquisition, which is its first acquisition in 2019 and 32nd since 2008.

Perspective group practice director Ian Wilkinson said: “This is another significant acquisition for Perspective of a high quality, well-respected IFA firm which will further strengthen our presence in North East England. We were particularly impressed by the quality and longevity of the client relationships that Alan has established over many years.

“Following the re-branding of all our 14 offices under the Perspective brand in June 2018, Galloway Whitfield will immediately be absorbed into our Perspective (North East) operation, which is already one of the most respected IFA operations in the region, with 50 staff including 13 advisers.”

Overall, Perspective expects five more takeovers this year.