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Dakota Wealth Administration, a registered funding advisory agency launched in 2018 by Peter Raimondi—founding father of Banyan Companions and The Colony Group—has already introduced its second acquisition of 2024.
Ledge Wealth Administration in Sartell, Minn., will be part of Dakota with about $600 million in belongings, a couple of hundred shoppers and a workforce of eight.
Led by Kurt Durrwachter and Gina Bartell—each of whom are getting into managing director roles at Dakota—Ledge was based by Durrwachter in 2010 as an affiliate of Cambridge Funding Analysis and have become an impartial RIA in 2012. The workforce supplies monetary planning and portfolio administration for rich households and enterprise homeowners, in addition to retirement plan advisory companies that account for a few third of total belongings. Consumer relationships will stay unchanged all through the transaction, in accordance with the corporations.
“It was crucial to discover a secure however rising firm that was inquisitive about persevering with to encourage entrepreneurship,” Durrwachter stated in a press release. “I feel Peter has constructed a agency from day one which’s very deliberately designed for future generations to come back.”
“We understand a exceptional 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 experience that can present Kurt and Gina with vital capability positive factors, inside an exceptionally entrepreneurial setting that empowers them to proceed contributing to the continued improvement of the bigger Dakota story.”
Headquartered in Palm Seaside Gardens, Fla., Dakota provides its second Minnesota location with the acquisition, bringing the agency to fifteen places of work in 9 states.
Following an announcement earlier this week that represented round $900 million in mixed managed and suggested belongings, this newest deal will convey Dakota to almost $5 billion in complete consumer belongings, up from a bit greater than $600 million 5 years in the past.
Final 12 months, Emigrant Companions purchased a minority, noncontrolling stake within the agency.
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