National financial advisory group Perspective has acquired Newcastle-based IFA Galloway and Whitfield (Life and Pensions) in its first deal of the year.
The acquisition is one of three deals that Perspective is set to complete in the coming months, with a further three anticipated before the end of 2019.
Galloway Whitfield, which offers specialised advice to individuals and businesses, has an annual turnover of more than £300,000 and funds under management of £50m.
The firm will become part of Perspective’s Newcastle-upon-Tyne-based office and managing director Alan Galloway will continue in his role for an initial term to ensure a smooth transition for clients, prior to his retirement.
The firm’s financial adviser, Julie Hunter, has also transferred to Perspective and will continue to advise existing and new clients.
Ian Wilkinson, group practice director of Perspective, 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."
He added: "We continue to look at similar high quality acquisition opportunities across the UK to further strengthen our national presence."
Mr Galloway, founder and managing director of Galloway Whitfield (Life & Pensions), added: "Over the last three years, I have considered very carefully how best to ensure my clients continue to receive the highest quality of advice and service when the time was right for me to retire.
"It was very important to me that my loyal colleague of 33 years, Julie Hunter, will also become a member of the Perspective team and I know she is looking forward to this."