Spruce Investment Advisors, an asset manager and Chief Investment Officer for family offices and charitable institutions, has appointed Michael Mahaffy as Managing Partner of the firm.
Mahaffy will oversee the day-to-day operations of the firm and also serve on the Management and Investment Committees where he will direct the staff, culture, processes, client services, and risk management of Spruce. John Bailey, Founder and Managing Partner, will oversee investments including asset allocation and manager selection. Robert Bastone, Chief Operating Officer, will continue to oversee operations and compliance.
Prior to Spruce, Mahaffy spent a decade managing his own family office, primarily investing in ranches, wind farms, energy and real estate. Before that he spent twenty years on Wall Street as a Managing Director of UBS AG responsible for Equity Risk Management products, including derivatives, portfolio trading, ETFs, and convertible bonds. He also managed several internal hedge funds within the fixed income proprietary trading division. Mr. Mahaffy began his career in equity derivatives at Salomon Brothers Inc. and is a graduate of the University of North Carolina at Chapel Hill. He is a Board Member and past President of the Greenwich Leadership Forum.
“Spruce is thrilled to bring Michael on as a Managing Partner of the firm,” says Bailey, Founder and Partner of Spruce. “Michael has amassed a wealth of industry and operational knowledge in the asset management industry throughout his career, and he’s a natural culture fit. We are excited about working with him in this next phase of Spruce’s continued growth and development.”
“I was impressed by Spruce’s unique expertise in both traditional and alternative investments and its ability to bring superior portfolio solutions to family offices and charitable institutions,” says Mahaffy. “I am thrilled about this opportunity and look forward to many years of partnership and collaboration with John Bailey and the entire Spruce team.”
