Sprucegrove Investment Management: AUM & Ownership

Clients

Sprucegrove Investment Management serves 48 clients, 12 of them high-net-worth individuals. The average client has about $240 million with the firm, and high-net-worth clients hold 0% of its $11.5 billion in assets.

Regulatory assets by client type

Investment companies1 clients33%
Pooled investment vehicles35 clients28%
Charitable organizations6%
State or municipal government entities33%
OtherHigh-net-worth individuals, Pension and profit-sharing plans1%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
High-net-worth individuals	12	$30,148,572	0.3%	$2.51M
Investment companies	1	$3,752,470,847	32.5%	$3.75B
Pooled investment vehicles	35	$3,211,472,302	27.8%	$91.8M
Pension and profit-sharing plans	Not reported	$104,934,799	0.9%	—
Charitable organizations	Not reported	$669,459,047	5.8%	—
State or municipal government entities	Not reported	$3,766,094,172	32.7%	—
Total	48	$11,534,579,739	100%	$240.3M

High-net-worth individuals

Clients: 12
Regulatory AUM: $30,148,572
Share: 0.3%
Avg. per client: $2.51M

Investment companies

Clients: 1
Regulatory AUM: $3,752,470,847
Share: 32.5%
Avg. per client: $3.75B

Pooled investment vehicles

Clients: 35
Regulatory AUM: $3,211,472,302
Share: 27.8%
Avg. per client: $91.8M

Pension and profit-sharing plans

Clients: Not reported
Regulatory AUM: $104,934,799
Share: 0.9%
Avg. per client: —

Charitable organizations

Clients: Not reported
Regulatory AUM: $669,459,047
Share: 5.8%
Avg. per client: —

State or municipal government entities

Clients: Not reported
Regulatory AUM: $3,766,094,172
Share: 32.7%
Avg. per client: —

Total

Clients: 48
Regulatory AUM: $11,534,579,739
Share: 100%
Avg. per client: $240.3M

What it does

Sprucegrove Investment Management provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.

Sprucegrove Investment Management advises 4 private funds.

100.0% of assets ($11.53B across 34 accounts) are managed with discretion. 23% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Stocks97%
Cash3%

Custodians

Sprucegrove Investment Management’s client accounts are held mainly at State Street, with 33% of managed assets, and J.P. Morgan, with 33%. Sprucegrove Investment Management does not have custody of client assets.

Managed account assets by custodian

State StreetState Street Corporation · Boston, MA · $3.77B33%
Bank of New York MellonBank of New York Mellon · New York, NY · $669.5M6%
J.P. MorganJpmorgan Chase Bank N.A, · New York, NY · $3.75B33%
All other custodians$3.35B29%

Ownership and leadership

Arjun Kumar is CEO of Sprucegrove Investment Management.

Who owns the firm

Sprucegrove Investment Management LTD· the adviser

Shirley Woo
Control person · since January 2013
Owns 10% to 25% of Sprucegrove Investment Management LTD
Arjun Kumar
Control person · since January 2022
Owns 10% to 25% of Sprucegrove Investment Management LTD
Tasleem Jamal
since August 2010
Owns 10% to 25% of Sprucegrove Investment Management LTD
Subhash Mehta
Control person · since January 2006
Owns 5% to 10% of Sprucegrove Investment Management LTD
Jonathan Singer
since April 2020
Owns 5% to 10% of Sprucegrove Investment Management LTD

Leadership

Arjun Kumar
Chief Executive Officer, Director, Managing Director & Portfolio Manager
Tasleem Jamal
Executive Vice President, Head of Marketing & Client Services
Ki-Se Choi
Chief Financial Officer
Joseph Dasilva
Chief Compliance Officer
Harvey Botting
Independent Director
George Buckley
Independent Director
Jeremy Gauld
Chief Legal Officer
Jonathan Singer
Assistant Portfolio Manager & Research Director
Shirley Woo
Director, Managing Director & Portfolio Manager
Subhash Mehta
Senior Investment Analyst

Staff

49 employees
17 in advisory functions
4 broker-dealer reps

Fees

Sprucegrove Investment Management is paid through a percentage of assets under management and performance-based fees.

Sprucegrove Investment Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Sprucegrove Investment Management has 0 offices, with 1 listed address with no US state reported.

Registration details

Legal name: Sprucegrove Investment Management LTD
Headquarters: 181 University Avenue, Suite 1300, Toronto, Ontario, Canada M5H 3M7
Phone: 416-363-5854
Website: www.sprucegrove.com
SEC file: 801-45884
Structure: corporation organized in Canada
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Sprucegrove Investment Management have?

Sprucegrove Investment Management has 48 clients and manages $11.5 billion for them, as of April 2026. They include 35 pooled investment vehicles, 12 high-net-worth individuals and 1 investment companies.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 9 April 2026

What services does Sprucegrove Investment Management offer?

Sprucegrove Investment Management provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Sprucegrove Investment Management use?

Sprucegrove Investment Management’s separately managed account assets are held at State Street Corporation (Boston, MA), with $3,766,094,172, Jpmorgan Chase Bank N.A, (New York, NY), with $3,752,470,848 and Bank of New York Mellon (New York, NY), with $669,459,047. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 9 April 2026

How many financial advisors does Sprucegrove Investment Management have?

Sprucegrove Investment Management has 0 investment adviser representatives registered with state securities authorities, out of 49 employees, and 17 perform investment advisory functions. 4 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Sprucegrove Investment Management invest in?

At the end of its last fiscal year, Sprucegrove Investment Management’s separately managed accounts held 97% exchange-traded equities and 3% cash and equivalents. It advises 4 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Sprucegrove Investment Management?

Sprucegrove Investment Management’s direct owners are Shirley Woo, Subhash Mehta, Arjun Kumar, Tasleem Jamal and Jonathan Singer, each holding 25% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 9 April 2026

How does Sprucegrove Investment Management get paid?

Sprucegrove Investment Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file