Adam M. Phillips

Founded in 1984 by Howard Wohl and Lawrence Simon, Ivy Asset Management LLC is a global fund-of-hedge fund firm located in Jericho, New York with additional offices in New York City and London. They are a subsidiary of the Bank of New York Mellon Corp. (NYSE: BK), which acquired the firm in October 2000. Ivy Asset Management offers a variety of risk-adjusted, performance-driven multi-manager products ranging from diversified proprietary fund portfolios to customized programs. The firm provides services to global institutional investors including: (1) Fortune 500 companies (2) global banks (3) multi-national insurance corporations (4) global investment banking firms (5) municipality pension plans and monetary authorities (6) Taft-Hartley plans (7) registered investment companies (8) foundations (9) endowments (10) non-profit organizations (11) professional money managers (12) high net-worth individuals and (13) private family offices.

Spruce Investment Advisors LLC (Spruce) is an independent asset management firm headquartered in Stamford, Connecticut. The firm was founded by John Bailey in 2001 as Spruce Private Investors LLC. Spruce provides investment management services to individually managed client accounts, both directly and through a multi-manager program.