Herrema is executive vice chairman and chief executive of Kennedy Wilson's capital markets group. Under the partnership with Spruce, he will advise the firm on strategic and investment issues. He joins Nouriel Roubini, who has been a senior advisor to Spruce on global economic issues for three years.

Prior to joining Kennedy, Herrema founded BlackSterling Partners, served as CEO of Bessemer Trust, and was head of private wealth management at Morgan Stanley. He has over 30 years of experience in the wealth management industry.

Spruce serves as a chief investment officer for 45 family offices, foundations and endowments, advising on some $3 billion in diversified portfolios.