Dakota Wealth Management is to acquire a Minnesota RIA managing $400 million, marking a new milestone in the growing businesses’ footprint.
Adding Ledge Wealth Management to its business gives Dakota a second office in Minnesota and boosts the assets it manages to $4.9 billion. As well as its AUM, Ledge advises on an additional $200 million in assets through its 401(k) advisory services business.
Ledge was founded in 2010 as a Cambridge Investment Research affiliate before becoming an independent RIA focused on high-net-worth clients in 2012. Founder and CEO Kurt Durrwachter joins Dakota along with COO and partner, Gina K. Bartell – both will be managing directors – and six associates.
Dakota has grown assets under management both organically and through strategic acquisitions since it was launched in 2018.
"We add firms intentionally and purposefully," said Peter Raimondi, founder and CEO of Dakota Wealth Management. "In addition to providing exceptional wealth management counseling to individuals and families, Kurt and his team have demonstrated expertise in designing employer sponsored plans for business owners."
The deal between Dakota and Ledge was assisted by Alaris Acquisitions, which helps wealth management firm owners who are considering partnering with a larger firm, usually through acquisitions.
"Alaris was delighted to participate in the role of advisor for this transaction, as we perceive a remarkable alignment of cultures between Dakota and Ledge," remarked Allen Darby, CEO of Alaris Acquisitions. "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."
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