Perspective Financial Group has acquired a Gateshead adviser practice with assets under management worth £22m.

Vivienne Shepherd Limited will become part of Perspective’s Newcastle office Rutherford Wilkinson.

The acquisition brings Perspective’s annualized turnover to more than £23m with over £2bn of assets under management.

One member of the firm, Owen McDowell, will be joining Rutherford Wilkinson to ensure ongoing continuity for Vivenne Shepherd clients.

Owner-manager Vivienne Shepherd will de-authorise but remain involved with introducing clients to the new firm over the next 12 months.

Damian Keeling, managing director of Perspective Financial Group, said: “The purchase of Vivienne Shepherd kicks off our acquisition activity for 2012. Part of the Vivienne Shepherd deal is the transfer of Owen McDowell to Rutherford Wilkinson which ensures ongoing continuity for its clients.

“Most of our acquisition involve the adviser practice continuing to operate as normal however in this circumstance it made more sense for the firm to be integrated into our Newcastle hub.

“This is due to the de-authorisation of Vivienne, the size of the practice and the proximity of the two businesses.”

The firm expects to make a number of acquistions throughout 2012 following £3.5m from Lloyds Banking Group in refinancing.