Dakota Wealth Management, an independent investment management firm in Palm Beach Gardens, Fla., announced it has agreed to acquire Stillwater Investment Management, a family investment counseling office managing about $575 million in Stillwater, Minn.
With the acquisition, Dakota Wealth Management now manages about $3.2 billion, which is a five-fold increase since it was founded in May 2018, the company said in a press release. It is Dakota's first office in Minnesota. The firm now has 15 offices in 12 states.
"We add firms intentionally and thoughtfully," Peter Raimondi, founder and CEO of Dakota Wealth, said in a prepared statement.
James K. Tonrey Jr., who founded Stillwater Investment Management in 2004 and serves as CEO/CIO, joins Dakota Wealth along with his advisory team of Amy L. Enderlein, Eric A. Bratvold, and Dana J. Tonrey.
"Jim, Amy, Eric, and Dana share our client centric culture, and I am confident we share the same vision for Dakota's next phase of growth."
The professional teams from both Dakota Wealth Management and Stillwater Investment Management will remain in place to serve their current clientele, the release said. Tonrey will join Dakota Wealth as senior managing director.
"Finding a trusted partner provides us flexibility and control in our integration," Tonrey said. "With Dakota's support, I look forward to expanding the firm's presence in the Twin Cities area in a smart, pragmatic, and focused manner."