Thu, Jan 29, 2015
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 - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  2. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  3. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalauMor Management in New York

  4. …And Finally - Prison restaurant is the best in Cardiff[more]

    From Orange.co.uk: A restaurant at a prison staffed entirely by inmates has been ranked as the best in Cardiff by diners. The Clink Restaurant at HMP Cardiff - which is open to the public - has been ranked number one on TripAdvisor out of 946 eateries in the Welsh capital. Diners who pos

  5. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report