Knaresborough-based Financial Planning firm Prosperis has acquired Newcastle-based IFA Stephen McDine Ltd for an undisclosed sum.

Stephen McDine is based in Tyne and Wear and specialises in pensions, investments, mortgages and insurance.

The deal brings adds around £50m in client assets under advice to Prosperis.

Stephen McDine was founded in September 2004 and has two employees. Trading names include Positive Wealth Management (since May 2011).

The deal completed on 22 December and is the sixth acquisition for the firm.

Niall Gunn, chief executive and founder of Prosperis, said: "We are delighted to have been able to acquire such a high-quality business, allowing us to continue to provide clients with an excellent level of service going forward. As an independently-owned business, this acquisition will greatly benefit all clients.

"We are on track to add further locations within the North-East as we continue with our growth plans. This is our sixth deal and third in the last 12 months."

Chairman Paul Meehan said that Prosperis plans to buy more financial advice businesses in the first quarter of this year and is also looking to make new senior hires.

Prosperis is a Financial Planning and employee benefits adviser based in Knaresborough near Harrogate (Yorkshire). The firm is over 20 years old and manages over £450m of assets on behalf of over 1,200 individual and corporate clients. It employs 30 staff.