Dakota Wealth Management, an independent investment management company that works with high-net-worth individuals and families, has agreed to purchase Stillwater Investment Management, a family investment consulting business that oversees around $575m.
With Stillwater included, Dakota Wealth Management now manages $3.2bn, a five-fold increase in assets since it was founded in May 2018.
Reasons for the deal
James K. Tonrey, Jr., the founder, and CEO/CIO of Stillwater Investment Management, as well as his advisory group, Amy L. Enderlein, Eric A. Bratvold, and Dana J. Tonrey, have joined Dakota Wealth.
“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.”
Throughout this transition, both businesses’ key priorities will be client service and guidance.
To continue serving their present clientele, the qualified staff from Dakota Wealth Management and Stillwater Investment Management will stay in place.
In addition, Tonrey will become a senior managing director at Dakota Wealth.
“Finding a trusted partner provides us flexibility and control in our integration,” Tonrey noted.
“With Dakota’s support, I look forward to expanding the firm’s presence in the Twin Cities area in a smart, pragmatic, and focused manner.”
Tonrey established Stillwater Investment Management in June 2004 as a registered investment advisor (RIA) with the goal of reviving the well-respected philosophy of the traditional family investment counselling office as well as providing this service to people and families unable to open up their own.
This is Dakota Wealth Management’s first location in Minnesota.
Furthermore, the company presently has 15 locations across 12 states.
It was established with the goal of providing clients and partners with a transformational wealth management experience focused on creating wealth and success across many generations.