Peter Raimondi
Peter Raimondi

Banyan Founder Launches New Wealth Management Firm

Teams from Oakmont Partners and Strategic Asset Management Group are joining Peter Raimondi to create Dakota Wealth Management.

Peter Raimondi, the founder and CEO of Banyan Partners and The Colony Group, has launched a new wealth management firm in Palm Beach Gardens, Fla., with over $600 million in client assets.

The firm, Dakota Wealth Management, is being formed with a team from Oakmont Partners, a registered independent advisory firm in Peabody, Mass., bringing over $300 million in client assets. Oakmont principals John DeSimone, Peter Mawn and Myranda “Mimi” O’Bara are joining Dakota. Brett Orvieto and his team from Fort Lauderdale, Fla.-based Strategic Asset Management Group also are joining Dakota, adding $150 million in assets.

For the last two years, Raimondi has served as a private consultant to registered investment advisory firms, while he waited for a non-compete agreement with Boston Private, the bank that acquired Banyan, to expire.

Raimondi has a long history of growing RIA firms and executing transactions; as the founder of The Colony Group, he grew the firm to $1 billion in assets from 1986 to 2006. At the helm of Banyan, he steered the acquisition of seven firms in five years and grew the business to $4.3 billion in assets. He then sold the firm to Boston Private in 2014 in a $60 million deal. 

“Dakota’s acquisition-based growth strategy focuses on identifying existing RIA firms with a similar profile and philosophy that are seeking a partner to enhance and scale their businesses,” the firm said in a statement.

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