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Banyan Founder Launches Third RIA

By Alex Padalka May 15, 2018

Peter Raimondi, founder of Banyan Partners and the Colony Group, has launched his third company, Dakota Wealth Management, according to a press release from the new wealth management firm.

Headquartered in Palm Beach Gardens, Fla., Dakota will manage over $600 million in assets for high net worth individuals and families, the company says. Along with Raimondi, Dakota’s founding partners include Oakmont Partners, an independent RIA overseeing $300 million, according to the press release. Oakmont principals John DeSimone, Peter Mawn and Myranda "Mimi" O’Bara join Dakota’s management team, Dakota says. Michael Reed will serve as Dakota’s chief operating officer, according to the press release. In addition, Brett Orvieto, formerly of Strategic Asset Management Group, joins Dakota’s team, brining around $150 million in assets, Dakota says. Dakota will focus on growth through acquisition, seeking out RIAs looking to scale up their business, according to the press release.

"We founded Dakota on the premise that wealth management is a blend of art and science. Our team of skilled professionals bring care, empathy, differentiated investment strategies and thoughtfully designed portfolios for each and every client," Raimondi says in the press release. He will serve as the firm’s CEO and chief investment officer, the company says.

Raimondi, a 30-year veteran of the investment industry, had founded the Colony Group in Boston, according to the press release. From 1986 to 2006, the firm’s assets under management grew to $1 billion and its client base expanded to include more than 600 investors, Dakota says. Raimondi then founded Banyan Partners in 2006, according to the press release. With Raimondi as CEO, Banyan acquired seven firms in five years, growing its assets to $4.3 billion, before selling to Boston Private in 2014, Dakota says.