Dakota Wealth Management has acquired Lokken Investment Group, a registered investment advisory (RIA) firm based in Lewes, Delaware, US.
The transaction will add Lokken’s $455m in managed assets, increasing Dakota’s assets under management to nearly $7.5bn.
It allows for Dakota Wealth Management’s foray into the state of Delaware, with Lokken’s Lewes location as its 17th office in the US.
The Lokken team, led by Carrie Ruark, will continue to operate from the Lewes office.
The six-member team includes Jessica Bimonte, daughter of Lokken Investment Group’s late founder, Jon Lokken.
Dakota Wealth Management said that this arrangement will maintain existing client-advisor relationships and ensure continuity of service for Lokken’s clients.
Dakota founder and CEO Peter Raimondi said: “The acquisition of Lokken represents a special opportunity for Dakota to continue the legacy of Jon Lokken and partner with the exceptional team of professionals he surrounded himself with.
“Jon’s legacy will carry forward in Dakota through the success and continued growth of the team he assembled, and the familial culture they share.
“Dakota is proud to have been chosen by Karlyn, Carrie and team, and we’re excited to launch our new Dakota Lewes office.”
Based in Palm Beach Gardens, Florida, Dakota Wealth Management is an independent investment management firm serving high-net-worth individuals and families.
The company offers wealth management, financial planning, estate, and tax services and was founded by Peter Raimondi.
Lokken was established in 2008 by Jon Lokken and has focused on comprehensive financial planning and investment management for individuals and families.
The Lewes office will now function under the Dakota Wealth Management brand, with the existing team continuing to serve clients.
The company has indicated that the acquisition is intended to preserve client continuity and integrate Lokken’s service approach with Dakota’s broader platform and resources.
Karlyn Lokken, wife of the late Jon Lokken, also played a key role in selecting Dakota Wealth Management as the successor for the firm.
Karlyn said: “When my husband passed away unexpectedly, I found myself in the difficult position of needing to find a firm to take over the business he had built.
“My top priorities were twofold: first, ensuring that the clients would continue to receive the same high level of service and care they had always known; and second, providing support and professional growth opportunities for the team he had established.
“Our core values and philosophies align perfectly, which brings me great peace of mind knowing that Dakota shares my husband’s vision and principles.
“I have complete confidence that, with Dakota’s resources and support, our team will be able to maintain the highest level of service for our clients for many generations to come.”
In January last year, Dakota Wealth Management agreed to acquire Ledge Wealth Management, a registered investment advisory business with around $400m under management.
