BNY Mellon’s Pershing selected as custodian for new $600 million RIA

Florida-based Dakota Wealth Management was launched earlier this month by industry veteranPeter Raimondi and a team from Oakmont Partners

By Joe Parsons

BNY Mellon’s Pershing Advisor Solutions has been selected as one of the custody partners for a new $600 million investment management firm launched by industry veteran Peter Raimondi.

Raimondi launched Florida-based Dakota Wealth Management earlier this month alongside a team from Oakmont Partners, an independent registered investment advisory (RIA) with over $300 million in client assets.

According to a statement, Pershing was selected based on “its expertise in providing custody and practice management solutions to some of the nation’s largest RIAs, as well as its unique set of private banking and brokerage custody solutions.”

“Our relationship with Dakota underscores our focus on serving growth-minded, professionally-managed RIA firms,” said Benjamin Harrison, managing director and head of new business development, BNY Mellon’s Pershing Advisor Solutions.

“To that end, we are thrilled to count an industry leader and a visionary such as Peter among our clients and very much look forward to being an integral part of Dakota’s success.

Raimondi is considered an industry veteran in the RIA space, having previously set up two management firms. In 2006 he launched Banyan Partners, growing the business to $4.3 billion in client assets in seven years through a number of acquisitions, before selling it to Boston Partners in 2014.

Dakota will employ a similar acquisition-based growth strategy focusing on identifying existing RIA firms with a similar profile and philosophy.

“Given Dakota’s vision of serving high-net-worth clients with complex needs, we see a significant potential to work with Pershing in new and expanded ways as our new firm hits the ground running,” said Raimondi.