A Delaware RIA has found a new home with Emigrant Partners–backed Dakota Wealth Management following the death of its founder.
Dakota closed its acquisition of Lewes-based Lokken Investment Group, which manages $455 million in client assets, on October 31. For Lokken, the deal represents a permanent succession solution.
The firm’s founder, Jonathan Lokken, passed away unexpectedly in September 2024. Upon his death, ownership transferred to his widow, Karlyn Lokken. Together with the firm’s management, she retained Turkey Hill Management to evaluate potential acquirers—reviving a process Jonathan had initiated in 2022 but later paused.
“I knew what my husband was looking for when he was searching for a partner, and I knew the kind of people I wanted to take over our office and have our people join their team,”
— Karlyn Lokken, owner, Lokken Investment Group
Lokken and managing principal Carrie Ruark led the initial meetings with suitors. Ultimately, a visit to Dakota Wealth Management’s Palm Beach Gardens, Florida headquarters convinced them that Dakota was the right fit.
“I knew as soon as we landed in Florida and stepped into the Dakota office that they were going to take care of our clients and take care of our team the way that Jonathan would have wanted,”
— Karlyn Lokken
For Dakota, the acquisition boosts total assets under management to approximately $7.3 billion and expands its presence in the Mid-Atlantic region.
Dakota CEO Peter Raimondi declined to disclose financial terms but confirmed that every Lokken employee will receive equity in Dakota.
“I know the firm will gain a breadth of talent,” Raimondi said.
Dakota Wealth has been backed by Emigrant Partners since 2023. Raimondi—known as the founder of The Colony Group and Banyan Partners—launched Dakota in 2018. Today, roughly 93% of Dakota’s 86 employees hold an equity stake in the firm.
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