Durham-based financial adviser Walter Wright Financial Services has been acquired by Perspective Financial Group.

Walter Wright was established in 2002 and run by managing director Rob Vallily and has an annual turnover of £190,000 and £48m of funds under management.

From acquisition the firm will become part of Perspective’s Newcastle office Rutherford Wilkinson, rather than being run as a separate operation within the wider group.

This is due to the proximity of the two firms and the fact Mr Vallily will be retiring soon.

Mr Vallily will work at Rutherford Wilkinson for a short period to ensure a smooth transition for clients before his retirement.

The deal was handled by Retiring IFA.

Mr Vallily, managing director of Walter Wright Financial Services, said: “Since the business was established over nine years ago we have worked hard to ensure we delivered quality advice across a wide range of financial products to a growing client base.

“This acquisition will allow me to walk away from the business knowing that our clients are being serviced in the right way and they will be benefitting from everything Perspective and Rutherford Wilkinson can offer.”

Damian Keeling, managing director of Perspective Financial Group, said: “We are pleased to integrate Walter Wright into Rutherford Wilkinson. This does not end our acquisitions for 2011 and we expect to complete on several further purchases before the end of the year.”