Sprott Asset Management LP (Sprott AM) is the successor to Sprott Asset Management Inc. which was founded in 2000, after the permanent separation from Sprott Securities that was established in 1981. After establishing Sprott Asset Management Inc. in December 2001 as a separate entity, Eric divested his entire ownership of Sprott Securities to its employees. Sprott AM is a fund company dedicated to achieving superior returns for its investors over the long term. In June 2009, Sprott AM reorganized to better define and streamline the key segments of our business. Sprott Asset Management LP currently manages a number of long/short equity strategies and mutual funds. Sprott Private Wealth LP (Sprott PW) provides advisory services to high net worth individuals. Sprott Inc. is the parent company of Sprott AM and Sprott PW.
In 1981, Eric Sprott, CA, founded Sprott Securities Ltd. (now Cormark Securities Inc.), an institutional brokerage firm focused on small-to-mid capitalization companies, servicing Canadian corporate and institutional investors.
In the year 2000, Eric Sprott made the decision to focus solely on the investment management business. Accordingly, the "investment management division" of Sprott Securities Inc. (now Cormark Securities Inc.), was spun-off to form a separate entity now known as Sprott Asset Management LP. Consequently, Sprott AM was founded with an already established successful historical track record of managing assets through Sprott Managed Accounts since 1981 and the Sprott Canadian Equity Fund since 1997. Sprott Securities Inc. was sold to its employees in 2002, leaving Eric Sprott and the directors and officers of Sprott AM with no remaining interest in the firm.
On May 15, 2008, Sprott Inc. successfully completed its initial public offering by way of a secondary offering of common shares. Pursuant to the offering, certain shareholders of Sprott Inc. sold 20,000,000 common shares at an offering price of $10.00 per share for aggregate proceeds of $200 million. Sprott Inc.'s common shares are listed on the Toronto Stock Exchange under the symbol "SII".