Dakota Wealth Management Purchases $455M Delaware RIA 

Dakota Wealth Management has acquired Delaware-based Lokken Investment Group, an advisory firm, that manages about $455 million in client assets. 

Lewes, DE-based Lokken Investment Group, which was founded in 2008 by Jonathan Lokken, offers “personalized” wealth management services, financial planning, and investment management to high-net-worth individuals and families. 

The firm was launched with Wells Fargo in 2008 and went independent in 2016, according to Lokken’s BrokerCheck profile.  

The acquisition, which closed on October 31, marks Dakota Wealth Management’s 17th location and expansion into the Delaware market, and boosts Dakota’s total client assets to $7.5 billion. 

Lokken Investment Group is led by Dakota’s strategy and operations manager Carrie Ruark, who previously served as CCO of Lokken Investment Group, prior to the firm’s buyout by Dakota Wealth Management. The team also includes Sean Merlonghi, Jay Middleton, Evan Hine, and Gabriela Caceres, according to the firm’s website. 

After Lokken, who passed away last September, his wife, Karlyn Lokken, gained control of the firm. 

“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,” Karlyn Lokken said. “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.”

Jess Polito of Turkey Hill Asset Management advised Lokken on the transaction.

Palm Beach Gardens, FL-based Dakota Wealth Management, which was founded in 2018 by Peter Raimondi and has been backed by Emigrant Partners since 2023. 

The firm oversees about $6 billion across 9,786 accounts, according to its latest Form ADV, updated in November.