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Estancia acquires minority interest in Spruce

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Estancia Capital Management has acquired a minority, non-controlling interest in Spruce, a wealth management firm that serves as an outsourced chief investment officer (OCIO) and adviser for family offices, foundations and endowments.

Terms of the transaction have not been 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,” says John Bailey (pictured), Spruce’s founder and chief executive. “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,” says 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.”
 
Donald J. Herrema, the former chief executive of Bessemer Trust, will chair Spruce’s board of directors. He previously served as a senior adviser 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. She is responsible for managing and building client relationships in New York and Connecticut.

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