Spruce grows on technical talent base
June 03, 2011
With an ambitious remit to cover both traditional and alternative investments, Spruce’s broad and analytical view of the investment universe makes its advice all the more valuable for clients
By Claire Makin
For a relatively small player, John Bailey’s Spruce Private Investors has attracted some well-known talent. The newest senior appointment at the $3 billion firm is Robert Bastone, who built hedge fund infrastructures for both Tiger Management and Ziff Brothers. Bastone joins a team that Spruce has drawn exclusively from other brand-name institutions including JP Morgan, BNP Paribas, and MIT’s Lincoln Laboratories.
“Step one always is the people,” Bailey says. He judges Spruce’s technical skill set to be a match for any of the firm’s competitors, large or small.
In Bailey’s opinion it is these technical skills that have given Spruce its competitive ‘edge’ in managing risk. In the nearly 10 years since Spruce was founded, clients lost money only in 2008, when they were down 14% to 15%. Most of the hit came in the two months after Lehman Brothers collapsed....
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