Scottsdale, AZ-based
Estancia Capital Management, an investment firm focused on the asset management industry, has acquired a minority, non-controlling interest in
Spruce Private Investors, the wealth management firm which acts as an outsourced chief investment officer and advisor for family offices, foundations and endowments.

Terms of the transaction were not disclosed.

According to a statement from the two parties, Spruce will primarily reinvest the proceeds of the investment into the firm, so as to deepen its investment and client services teams, while expanding its technology platform and operational infrastructure.

Although Spruce is expanding equity ownership to a broader number of key employees, it will continue to operate independently, under the leadership of the existing management team. There will be no changes to the firm's investment philosophy, operations or personnel.

Meanwhile, Spruce has announced that Donald Herrema, former chief executive of Bessemer Trust, will chair its board of directors. Herrema previously served as a senior advisor to Spruce. Additionally, Nancy Lambert - former managing director at Citigroup Private Bank - has also joined. Lambert starts as a senior managing director within the portfolio management group. She is responsible for managing and building client relationships in New York and Connecticut.