Spruce serves as an outsourced chief investment officer (OCIO) and advisor for family offices, foundations and endowments, while Estancia focuses on the asset management industry.
Though the terms of the transaction have not been disclosed, Spruce has said that it will mainly reinvest the proceeds of the investment into the firm for purposes of further deepening its investment and client services teams.
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It will also continue to expand its technology platform and operational infrastructure. The company is also expanding equity ownership to a broader number of key employees and 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.
John Bailey, Spruce’s founder and CEO remarked, "Our firm seeks to continuously improve and deepen its investment processes, team and operations. 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."
Takashi Moriuchi, a partner at Estancia Capital Management, who will also join the company’s board of directors added, "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."
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