Treegrove acquires Sprung Investment Management

Treegrove Investment Management, a boutique wealth management firm marking its eight anniversary this month, announced its acquisition of 100% of the outstanding shares in Sprung Investment Management Friday. The deal between the two Toronto-based firms was completed Apr. 30. Financial terms were not released.

“It’s a great fit between the two firms,” William Shaw, CEO of Treegrove said. “It adds some additional capability to us.”

Shaw and Michael Sprung worked together at YMG Capital Management from 1995 to 2001. “We’ve been friends and in touch ever since,” the Sprung Investment Management founder and CEO said.

Shaw will remain as CEO. Sprung will serve as president and Fred Palik as vice-president, fixed income. Sprung’s other partners — Robert Champion, Joie Watts and Lois O’Sullivan — will continue in their current roles.

“We haven’t had a fixed income trader before,” Shaw said.

Sprung said he has no retirement plans, but, “I’m not as young as I used to be,” he said.

“The age of our complement here at Sprung has, on occasion, caused people to be a little hesitant in signing up with us,” he continued. “We’ve been approached by many firms. But I’ve known Bill and trust him. I’ve actually referred business over to his firm from time to time. It just seems like a natural fit.”

Shaw said he’s looking at additional acquisitions. He believes the current cycle of industry deal-making has “several years” to go.

Kevin Press

Kevin Press is editorial director for Advisor.ca. He has been writing about money since 1997. Reach him at kevin@newcom.ca.