Dakota Wealth Management, an independent investment management company that works with high-net-worth individuals and families, has purchased Stillwater Investment Management, a family investment consulting business that oversees about $575 million. 

Financial terms of the deal were not made available. 

Palm Beach Gardens, FL-based Dakota Wealth Management now manages approximately $3.2 billion with the addition of Stillwater, a five-fold increase in assets since its founding in May 2018. 

Founder and CEO/CIO of the Stillwater, MN-based registered investment advisor James Tonrey Jr., as well as his advisory group, Amy Enderlein, Eric Bratvold, and Dana Tonrey, have joined Dakota Wealth. 

Tonrey Jr. will become a senior managing director in the firm’s first Minnesota office, bringing Dakota to a total of 15 offices in 12 states. 

“We add firms intentionally and thoughtfully,” said Peter Raimondi, Founder and CEO, Dakota Wealth Management. “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.” 

Dakota announced in January it had received a minority interest from Emigrant Partners, a prominent investor in RIAs that has partnered with 19 firms overseeing about $90 billion in assets under management and advisement. The business is owned by Emigrant Bank.

Don’t miss the Connect Money: Alternative Assets Conference on June 14 in Chicago at the W City Center. Connect in person with industry experts like Glenn Spencer, CEO Prime Capital Investment Advisors.