Dakota Wealth Management, a registered investment advisory firm launched in 2018 by Peter Raimondi—founder of Banyan Partners and The Colony Group—has already announced its second acquisition of 2024.
Ledge Wealth Management in Sartell, Minn., will join Dakota with about $600 million in assets, a few hundred clients and a team of eight.
Led by Kurt Durrwachter and Gina Bartell—both of whom are stepping into managing director roles at Dakota—Ledge was founded by Durrwachter in 2010 as an affiliate of Cambridge Investment Research and became an independent RIA in 2012. The team provides financial planning and portfolio management for wealthy households and business owners, as well as retirement plan advisory services that account for about a third of overall assets. Client relationships will remain unchanged throughout the transaction, according to the firms.
"It was very important to find a stable but growing company that was interested in continuing to encourage entrepreneurship," Durrwachter said in a statement. "I think Peter has built a firm from day one that's very intentionally designed for future generations to come."
“We perceive a remarkable alignment of cultures between Dakota and Ledge," added Allen Darby, CEO of Alaris Acquisitions, which served as an advisor on the transaction. "Dakota brings operational expertise that will provide Kurt and Gina with significant capacity gains, within an exceptionally entrepreneurial setting that empowers them to continue contributing to the ongoing development of the larger Dakota story."
Headquartered in Palm Beach Gardens, Fla., Dakota adds its second Minnesota location with the acquisition, bringing the firm to 15 offices in nine states.
Following an announcement earlier this week that represented around $900 million in combined managed and advised assets, this latest deal will bring Dakota to nearly $5 billion in total client assets, up from a little more than $600 million five years ago.
Last year, Emigrant Partners bought a minority, noncontrolling stake in the firm.