On September 8, 2023, Dakota Wealth Management, backed by Seward & Kissel client Emigrant Partners, announced that it will acquire Jonathan D. Pond, LLC.
Under the terms of the transaction, Cetera Financial Group (“Cetera”) has acquired Avantax, Inc. (“Avantax”) in an all-cash transaction worth $1.2 billion. Avantax shareholders will be paid $26 per share, with Avantax becoming a privately held company as of closing. The deal is expected to close by the end of 2023, subject to customary closing conditions.
Dakota, based in Palm Beach Gardens, Florida, is a registered investment management company that offers wealth and estate planning with tax planning services for high-net-worth individuals, families and institutions. Dakota has $425 million in assets under management. Dakota is backed by Emigrant Partners, a Seward & Kissel client.
JDP, based in Newton, Massachusetts, is provides wealth management services with a focus on estate planning, retirement, and gifting strategies. JDP has approximately $350 million in assets under management.
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