Dakota Wealth Management, a Florida-based investment management firm founded by industry veteran Peter Raimondi, has acquired the tax and advisory practice of Massachusetts-based GML Associates.

Founded by Gary Locarno, GML offers tax, business, estate and personal planning advice. The acquired entity will operate under the Dakota brand.

“Peter’s vision for Dakota aligns completely with our personalised client approach and values, and his comprehensive approach to client services and forward-thinking culture has helped to make the merger of our two teams completely seamless,” Locarno said.

As part of the deal, Raimondi along with Dakota CFO John DeSimone will become part of the legal team at GML.

“I was deeply inspired by the passion and drive Gary and Katelyn exhibit when servicing their clients, together with the principles they have instilled within the GML Associates team as a whole. We are excited to welcome them and their unique skills to the Dakota Wealth Management family,” Raimondi stated.

Dakota, launched by Raimondi eight months ago, currently oversees more than $700m in assets.

The firm offers wealth management, tax counseling and estate planning services for HNWIs, families and institutions.

The latest deal, whose financial terms were not disclosed, marks Dakota’s third acquisition since its inception.