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Dakota Wealth to Buy $300M Wealth Management Practice

By Alex Padalka May 22, 2019

Dakota Wealth Management, co-founded by Peter Raimondi last year, has already made its fourth acquisition, the company says.

The firm has signed an agreement to acquire Akron, Ohio-based RIA Springside Partners, according to a press release from the Palm Beach Gardens, Fla.-based Dakota.

Founded in 2014 by Carina Diamond, Brenda Hood and Patrick Hahn, Springside offers fee-only advice to individuals, families and organizations, with a high percentage of female clients, Dakota says. Springside oversees around $300 million, according to FA magazine.

Diamond, who is Springside Partners’s CEO, will join Dakota as its chief client experience officer and will serve on its executive committee, according to the press release.

"Our profession needs more diverse leaders like Carina," Raimondi, Dakota’s founder, CEO and chief investment officer, says in the press release. "The perspective that she and the Springside team adds will serve both our male and female clients well. In addition, this acquisition allows us the important opportunity to expand our brand in the Midwest."

The new acquisition, whose terms the company didn’t disclose, will bring Dakota’s assets under management to around $1 billion. In January, Dakota acquired the Boston-based tax and consulting firm GML Associates.

Last year, Dakota acquired the Peabody, Mass.-based RIA Oakmont Partners and later brought on Brett Ovieto and his team in Ft. Lauderdale, Fla., according to the press release.