The Florida wealth management firm that is less than a year old announced its third acquisition on Wednesday, a deal that brings its total assets under management to more than $700 million.
Dakota Wealth Management, Peter Raimondi’s registered investment advisory firm headquartered in Palm Beach Gardens, Fla., agreed to acquire Boston-based GML Associates, the firm said. As of Jan. 1, GML Associate’s tax and consulting practice began operating under the Dakota Wealth Management brand. Terms of the deal were not disclosed.
It's the third acquisition in eight months for the firm. Earlier this year, Dakota acquired Oakmont Partners, an RIA in Massachusetts with over $300 million in assets, and Strategic Asset Management Group, a group in Florida with $150 million.
Raimondi, previously founder and CEO of Banyan Partners and The Colony Group, a wealth manager he grew to $1 billion in assets from 1986 to 2006. He sold Banyan Partners to Boston Private in 2014 in a $60 million deal. He served as CEO of Boston Private Wealth prior to a stint as a consultant to RIAs before founding Dakota.