Sat, Dec 20, 2014
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. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Investing - Hedge funds get boost from healthcare in 2014, Paulson & Co takes stake in Salix on heels of inventory issues[more]

    Hedge funds get boost from healthcare in 2014 From Valuewalk.com: The healthcare sector started the year on a turbulent note, as stocks of many major biotechnology companies were battered. However, most of the players in this sector have bounced back. The BarclayHedge Healthcare & Biotec

  4. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und

  5. Performance - Lansdowne, Man Group, other hedge funds profit from shorts in oil, Turmoil boosts hedge funds that bet against Russia, oil, CTAs post strongest returns since December 2010[more]

    Lansdowne, Man Group, other hedge funds profit from shorts in oil From Valuewalk.com: The rising short interest in oil companies implies that the worst for oil is yet to come. Data from Markit shows that short exposure in energy sector of S&P 500 is still looming close to the highest mar