Thu, Jun 29, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Spruce Private Inestors announces investment from Estancia Capital Management

Wednesday, October 03, 2012
Opalesque Industry Update: Spruce Private Investors, LLC (“Spruce”), an award-winning wealth management firm that serves as an outsourced Chief Investment Officer (“OCIO”) and advisor for family offices, foundations and endowments, and Estancia Capital Management, LLC (“Estancia”), an investment firm focused exclusively on the asset management industry, today announced that Estancia acquired a minority, non-controlling interest in Spruce. Terms of the transaction were not disclosed.

Spruce will primarily reinvest the proceeds of the investment into the firm for purposes of further deepening its investment and client services teams and continuing to expand its technology platform and operational infrastructure. Spruce is also expanding equity ownership to a broader number of key employees. Spruce will continue to operate independently and under the leadership of the existing management team. There will be no changes to the firm’s investment philosophy, operations or personnel.

“Our firm seeks to continuously improve and deepen its investment processes, team and operations,” said John Bailey, Spruce’s Founder and CEO. “We are delighted to partner with Estancia. The principals share our vision and fully support our commitment to further enhancing the client experience, while remaining true to our roots as an independent and objective investment adviser.”

“Spruce is a premier wealth manager with a proven track record of both preserving and growing capital across market cycles,” said Takashi Moriuchi, a partner at Estancia Capital Management, who will also join the company’s board of directors. “Spruce is an innovative and sophisticated firm, providing clients customized solutions-based investment strategies incorporating a wide array of traditional and alternative assets including hedge funds and private investments. We look forward to working closely with the deeply experienced Spruce team to help them expand their already impressive investment strategies and the services it offers its clients.”

Spruce also announced today that Donald J. Herrema, the former CEO of Bessemer Trust, will chair Spruce’s board of directors. Don previously served as a senior advisor to Spruce. Nancy Lambert, a former Managing Director at Citigroup Private Bank, has also joined Spruce as a senior managing director in the Portfolio Management Group. Nancy is responsible for managing and building client relationships in New York and Connecticut.

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  2. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is

  3. FinTech - AI hedge fund Numerai now live on Ethereum, Cryptocurrency hedge funds generate huge returns as bitcoin surges[more]

    AI hedge fund Numerai now live on Ethereum From Cryptoninjas.net: Back in February, Numerai announced numeraire (NMR), a cryptographic token to incentivize a new kind of hedge fund built by a network of data scientists. Earlier today, the Numeraire smart contract was officially deployed

  4. Investing - Advisors slash hedge fund positions, Theravance Biopharma is a top pick of investment guru Seth Klarman, As asset management industry grows a search for new revenue streams[more]

    Advisors slash hedge fund positions From Barrons.com: Financial advisors have cut wealthy clients' exposure to hedge funds by up to one third over the past 12 months, The Financial Times reports. Advisor firms in the FT's annual top-300 ranking have reduced their hedge fund allocation to

  5. Investing - U.S. hedge fund in anonymous bet against Tesco shares, Hedge funds made repeated attempts to invest in Veneto banks, Steve Cohen's Point72 takes stake in struggling electronics retailer Conn's, Hedge fund Excalibur bets Riksbank will tighten by end of year[more]

    U.S. hedge fund in anonymous bet against Tesco shares From FT.com: A $20bn New York hedge fund is using an offshore shell company to anonymously bet against the shares of the UK supermarket Tesco, raising fresh questions over the efficacy of European short selling disclosure rules.