Wisdom Devoid of Compassion Some schools of Buddhism focus on the cultivation of wisdom/understanding as a way to reduce suffering in this lifetime and to move towards Nirvana. Other schools of Buddhism focus on cultivation of compassion as a means towards these same ends.

I've occasionally heard and read statements to the effect that developing wisdom without compassion can be risky, dangerous, cold, cruel, etc.

My question is, can true wisdom ever be devoid of compassion? Or would true wisdom by it's nature necessarily contain compassion? In other words, is the risk of developing a cold, cruel wisdom a real possibility?
It depends on what you mean by wisdom. By wisdom, if you mean intelligence as well, it can be dangerous and cruel. ex: coming up with more effective ways to invade countries, deceive people to make more profit etc.

But wisdom from a Buddhist perspective can be seen as two fold.


Worldly wisdom: Wisdom that helps you live a successful family life, be an ideal husband, wife, householder or worker; wisdom that helps you improve a good business; wisdom that leads you to a happy destination, next life. etc. Singalovada Sutta has many such examples.
Wisdom that leads to Nibbana.
Basically this means the understanding of the four noble truths.



  can true wisdom ever be devoid of compassion?


Sure! Wisdom need not be associated with compassion. 
Ex: take each of the 16 Vipassana Nanas. Those mind states have nothing to do with compassion. Some of them are associated with fear towards Samsara. Wisdom can also come as disappointment towards sensual pleasures. Read the story of Upatissa &amp; Kolitha who later became the chief disciples of the Buddha.
Even the four stages of enlightenment don't have compassion as a quality. 

To reach enlightenment, one needs to cultivate the Five Spiritual Faculties:


Faith
Vigor
Mindfulness
Concentration
Wisdom


Balancing of these five faculties is more important to the progression in the path:


  For one who is strong in faith and weak in wisdom places his
  confidence foolishly in an unworthy object. One strong in wisdom and
  weak in faith errs on the side of cunning and is as hard to cure as a
  sickness caused by medicine. But with the balancing of the two, faith
  and wisdom, a man has confidence only in a deserving object.


But this doesn't imply compassion(Karuna) and kindness(Metta) are unimportant. They have many useful benefits and they help us to stay away from hells by subduing our cruelty and hatred. That is very conducive to attaining Nibbana. Realising that is wisdom.

When a being attains or passes the state of Anagami, he removes aversion completely. Then there's no obstacle in his mind for compassion and kindness to arise, when he interacts with people. That's why they are naturally inclined to help other beings attain enlightenment. That is the reason why we even have Buddhism today. If the Buddha did not have any compassion towards the worldlings, he wouldn't have preached the Dhamma just because the Maha Brahma invited. Compassion and wisdom can work in tandem. Ex: Maha Karuna Samapatti Nana of the Buddha. But compassion is not a requirement for wisdom to be present.