Sprott Intends to Assume Management Contracts for $285MM of Specialty Funds
TORONTO, Nov. 10, 2014 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced that Whitney George has agreed to join Sprott as Senior Portfolio Manager. Mr. George will be based in New York and will be a key contributor to the expansion of Sprott's business in the US.
Mr. George is a veteran portfolio manager who spent the last 23 years in senior roles at Royce & Associates LLC ("Royce") in New York. Mr. George was co-Chief Investment officer of Royce from 2009 to 2013 and was most recently Managing Director and Portfolio Manager. In his time at Royce, he was instrumental in helping to build the firm into one of the largest and most respected small-cap managers in the US.
"I am excited to be joining Sprott and look forward to contributing to its performance-oriented culture, while adding to its product and geographic diversity," said Mr. George. "In doing so, I intend to personally build a significant equity stake in Sprott, an organization that I have come to admire as an institutional investor."
"We are very pleased to welcome a professional of Whitney's stature to our team," said John Wilson, CEO of Sprott Asset Management. "He has a long track record as a portfolio manager and business builder and we look forward to his contributions to our investment team and the growth of our US business."
Sprott also announced that it has executed a letter of intent with Royce to support the transfer of the management contracts of two US funds with total AUM of approximately $285 million to Sprott, subject to investor and regulatory approval.
"Whitney is joining Sprott because he believes we have the potential to continue expanding our business both in the US and internationally," added Peter Grosskopf, CEO of Sprott. "He is bringing two existing funds to our platform, which we expect to be immediately cash-flow positive to Sprott and support the expansion of our US growth plan. Whitney will play a key role in helping to elevate our profile outside of Canada, while also supporting the growth of our institutional business."
About Sprott Inc.
Sprott Inc. is a leading independent asset manager dedicated to achieving superior returns for its clients over the long term. The Company currently operates through five business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, Sprott Resource Lending Corp. and Sprott U.S. Holdings Inc. Sprott Asset Management is the investment manager of the Sprott family of mutual funds and hedge funds and discretionary managed accounts; Sprott Private Wealth provides wealth management services to high net worth individuals; and Sprott Consulting provides management, administrative and consulting services to other companies. Sprott Resource Lending provides lending services to mining and energy sectors. Sprott U.S. Holdings Inc. includes Sprott Global Resource Investments Ltd, Sprott Asset Management USA Inc., and Resource Capital Investments Corporation. Sprott Inc. is headquartered in Toronto, Canada, and is listed on the Toronto Stock Exchange under the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.
Certain statements in this news release contain forward-looking information (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this news release contains Forward-Looking Statements pertaining to: (i) expectations with respect to Mr. George's role at Sprott; (ii) expectations with respect to the benefits resulting from Mr. George's addition to the Sprott investment team; and (iii) intent to bring over 2 funds. Although Sprott believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) adverse market conditions; and (ii) those risks described under the heading "Risk Factors" in Sprott's annual information form dated March 27, 2014. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and Sprott does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable Canadian securities laws.
SOURCE Sprott Inc.
For further information: Glen Williams, Director of Communications, Sprott Inc., (416) 943-4394, email@example.com