Perspective Financial Group has acquired Gateshead-based Vivienne Shepherd in its first acquisition of 2012. The Wilmslow-based IFA group's Newcastle office Rutherford Wilkinson has acquired the business. One member of staff is to be transferred to Rutherford Wilkinson as part of the deal and owner-manager Vivienne Shepherd will step down but remain involved in introducing clients.

Accountancy firm Garbutt and Elliott has strengthened its wealth management subsidiary, G&E Wealth Management, with the appointment of Simon Holt as managing director. Mr Holt was previously managing director of Skipton Financial Services, the advisory arm of Skipton Building Society.

Insurer Aviva will shed 160 staff from its fund management business in 2012, with most of the cuts in London, after deciding to focus its efforts on core operations. Around 12 per cent of Aviva Investors global workforce will lose their jobs. Alain Dromer is the chief executive of the fund management arm.

Axa Wealth is segmenting its IFA clients as part of a restructure at the company which puts 50 jobs at risk and will see the number of regional managers cut from nine to five. David Thompson, managing director of marketing and distribution at Axa Wealth