Dakota Wealth Management of Palm Beach Gardens, Fla., announced it has agreed to acquire Ledge Wealth Management, a registered investment advisor in Sartell, Minn., that manages about $400 million in client assets and another $200 million through its 401(k) advisory business.

The addition of Ledge Wealth will give Dakota Wealth, which launched in May 2018, a total of about $4.9 billion in assets under management, according to a press release issued by the companies today. Ledge will also become the second Minnesota office operated by Dakota, giving it a total of 15 offices in nine states.

As a result of the acquisition, Kurt Durrwachter, the founder and CEO of Ledge Wealth, has joined Dakota Wealth along with COO and partner Gina K. Bartell and six associates. Both will serve on Dakota's board of directors, the release said.

"We add firms intentionally and purposefully," Peter Raimondi, founder and CEO of Dakota Wealth, said in the press release. "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."

Ledge Wealth was founded in 2010 as an affiliate of Cambridge Investment Research and became an independent RIA in 2012, according to the press release. The company described itself as being "committed to providing unbiased investment advice and legacy planning for high net worth individuals, families, and business owners."

The professional teams of both firms will remain in place to serve their current clientele, the press release said.

"It was very important to find a stable but growing company that was interested in continuing to encourage entrepreneurship," Durrwachter said in the press release. "I think Peter has built a firm from day one that's very intentionally designed for future generations to come."