Strategic acquisition expands footprint into the Philadelphia area
Dakota Wealth Management, an independent investment management firm serving high-net-worth individuals and families, has entered into an agreement to acquire Persimmon Capital Management, a boutique wealth advisory firm managing approximately $260 million in Blue Bell, PA.
With the addition of Persimmon, Dakota Wealth Management now manages $1.7 billion. Persimmon is highly focused on providing holistic wealth management services to multi-generational families. Persimmon is led by entrepreneurial-minded founder and president, Greg Horn. This marks Dakota’s fifth acquisition since its launch in May 2018.
“Patience pays off,” said Peter Raimondi, Founder, CEO and Chief Investment Officer, Dakota Wealth Management. “After vetting dozens of opportunities in the past two years, we have found a firm that shares our entrepreneurial, collaborative, equity ownership, and service-oriented culture. In addition, this acquisition allows us the important opportunity to expand our brand in the Philadelphia area.”
Client service and advice will remain the top priority for both companies throughout the transition. The professional teams from both Dakota Wealth Management and Persimmon Capital will remain in place to serve their current clientele. Horn will join Dakota Wealth as Chief Development Officer. He will also serve on the Firm’s Executive Committee.
“Our team sought a strategic partnership that would expand our services and enable our professionals to spend more time growing our client base, and – with Dakota’s dedicated, centralized team of operations specialists – this new relationship puts us in the perfect position to do just that,” said Horn. “My goal is to expand our business in the greater Philadelphia area through strategic tuck-ins, organic growth and expand the number of advisors in this region under the Dakota umbrella.”
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“Greg Horn is the optimal partner Dakota has been looking to add to the team as we expand,” added Bryan Keller, Chief Strategic Officer, Dakota Wealth Management. “Given the M&A frenzy in the space, Persimmon was a jewel for us to find – and we’re thrilled that Greg and his team value the culture fit and growth opportunity of joining Dakota Wealth.”
Persimmon Capital Management was founded in 1998 as a Registered Investment Advisor (RIA) by Mr. Horn. Mr. Horn also successfully built and sold ADVISORport into a $40 billion AUA technology, operational infrastructure, and investment research outsourcing solution, which was later sold to PFPC Worldwide, Inc., a PNC subsidiary.
Dakota Wealth Management was launched in May 2018 to deliver a transformational wealth management experience dedicated to creating multi-generational wealth and success for clients and partners. Since its founding, Dakota Wealth Management has grown assets under management both organically and through strategic acquisitions.
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