Strategy
Wealth Industry Luminary Fires Another Firm Off Launchpad
The creator of several wealth management businesses has decided to set up another.
The firm may have a name associated with the prairies, but newly-launched Dakota Wealth Management is headquartered in Palm Beach Gardens, Florida. It is the progeny of an American industry luminary.
Managing more than $600 million in assets, Dakota was founded by Peter Raimondi, also its chief executive and investment head. He has worked in the sector for more than 30 years, having previously founded and run RIA firms Banyan Partners and the Colony Group. At Banyan, established in 2006, that business rose to $4.3 billion of client AuM, powered by a number of acquisitions before it was sold to Boston Private in 2014. At the Colony Group, it rose to oversee over $1 billion of assets. His business career was not without controversy: in September 2016 he left Boston Private, with media reports at the time saying his "brash" style and dealmaker approach didn't fit well with the bank.
In fact, the firm explains its name in the following way: "The name “Dakota” means friend and ally – here at Dakota Wealth Management, we focus on caring for you, understanding your family, lifestyle needs, goals and long-term aspirations."
The founding partners of Dakota Wealth Management also include the team from Oakmont Partners, an independent RIA based in Peabody, Mass. with over $300 million in client assets under management. Oakmont principals John DeSimone, Peter Mawn and Myranda “Mimi” O’Bara will serve on the leadership team alongside Raimondi and his chief operating officer Michael Reed.
Also joining the Dakota team as a Managing Partner is Brett Orvieto, formerly of Fort Lauderdale-based Strategic Asset Management Group. Orvieto and his team will add approximately $150 million to Dakota’s AuM, bringing the total over $600 million under management.
Dakota’s acquisition-based growth strategy focuses on identifying existing RIA firms with a similar profile and philosophy, the firm said in a statement.
Among other recent launches of businesses in North American wealth management, see examples here, here and here.
