Dakota Wealth makes $300m Pennsylvania buy

Dakota Wealth has acquired former Raymond James affiliate JMG Wealth Management Group


Dakota Wealth Management has bought a Raymond James affiliate in central Pennsylvania. Dakota said on Wednesday that it acquired JMG Wealth Management Group, which manages about $300m in assets. JMG is based in Mechanicsburg, Pa, and also has an office on Hilton Head Island, S.C., according to its website.

The deal closed today. Specific financial details were not disclosed.

When asked about what he saw in the partnership, Dakota Wealth chief executive Peter Raimondi pointed to his own experience working for his family’s business while growing up. ‘I very much impart what my father taught me about running a family business into Dakota, and I saw that here as well,’ Raimondi told Citywire. ‘There is also next-generation talent in place, and that is part of what makes the firm so special.’

JMG Wealth is led by Jeffrey M. Goyette alongside sons Jeffrey M. Goyette, Jr. and Jack Goyette, who are also wealth advisors. Jeffrey Goyette, Jeffrey Goyette, Jr. and their head of operations Jessica Elscheid have joined Dakota as managing directors. The firm was founded in 2011.

Per standard practice, JMG will adopt Dakota branding, Raimondi said. ‘We knew we had to get a deeper bench if we were going to grow and spend time doing what we do best,’ the elder Goyette told Citywire. ‘We needed professionals on the investment and trading side, even HR and payroll. [Dakota] brought everything to the table that we need.’ Goyette also described his firm’s former affiliation with Raymond James as a traditional broker dealer relationship.

For Dakota, the deal marks the third acquisition of the year and brings the firm to nearly $4bn in assets under management. In September, Dakota revealed the acquisition of Jonathan D. Pond LLC, an RIA based in suburban Boston.

Looking at the rest of the year, Raimondi said his company is looking at two more potential deals that are ‘in the late innings’ and could close by year’s end.

The JMG deal gives Dakota its second office in Pennsylvania and its first in South Carolina, according to the company.

Based in Palm Beach Gardens, Fla., Dakota is backed by New York Private Bank & Trust affiliate Emigrant Partners.

Gladstone Associates served as advisor to JMG Wealth Management for this transaction.