Dakota Wealth Management is set to expand its footprint in Philadelphia with the acquisition of boutique wealth advisory firm Persimmon Capital Management.

Financial terms of the deal were not disclosed.

Persimmon was founded in 1998 as a registered investment adviser (RIA).

The firm offers family office services, wealth management services to multi-generational families. It manages approximately $260m.

The deal marks Dakota’s fifth acquisition since its launch in 2018 and takes it assets to $1.7bn.

Dakota Wealth Management founder, CEO and CIO Peter Raimondi said that Persimmon acquisition allows the company an important opportunity to expand its brand in the Philadelphia area.

Under the agreement, Persimmon’s founder and president Greg Horn will join Dakota Wealth as chief development Officer. He will also serve on the firm’s executive committee.

Dakota and Persimmon teams will remain in place to serve their current clientele.

Horn said: “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, centralised team of operations specialists – this new relationship puts us in the perfect position to do just that.”

Dakota Wealth Management chief strategic officer Bryan Keller said: “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.”

Dakota is an independent investment management firm serving high-net-worth individuals and families.

In 2019, the firm reached an agreement to acquire Springside Partners, a woman-led wealth management firm based in Akron, Ohio.

The same year, it acquired the tax and advisory practice of Massachusetts-based GML Associates.