The start of 2023 has seen a number of wealth management firms complete their acquisitions and other corporate finance transactions.

Emigrant Partners, the capital and advisory firm working with wealth and asset managers, has unveiled a strategic minority, non-voting investment in Dakota Wealth Management.

Dakota is an independent investment management, wealth and estate planning, and full-service tax planning business based in Palm Beach Gardens, Florida. The business, which was founded in 2018 by Peter Raimondi, has more than $2.5 billion of assets under management across more than 1,700 clients. 

The size of Emigrant’s stake, which will help Dakota to explore more potential deals of its own, wasn’t disclosed.

"At this stage of our development, we made a decision to take on a partner that could help us with our current and future capital needs as well as work closely with us to execute our strategic initiatives at a faster rate than we could on our own,” Peter Raimondi, CEO of Dakota, said in a statement yesterday. 

The start of 2023 has seen a number of wealth management firms, including US multi-office business Tiedemann Group, complete their acquisitions. The past year was a relatively difficult time for a wealth sector M&A trend that had been strong before markets tanked in 2022.

Dakota is itself an acquirer of other firms and has integrated seven acquisitions and executed on several advisor tuck-ins since its inception. 

Colchester Partners served as Dakota’s exclusive financial advisor.

Emigrant Partners is partnered with 19 firms overseeing about $90 billion in aggregate assets under management and advisement. The business is owned by Emigrant Bank.