TORONTO, Jan. 22, 2015 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced its preliminary estimate of Assets Under Management ("AUM") and Performance Fees for the year ended December 31, 2014.
The Company estimates that Assets Under Management as at December 31, 2014 were approximately $7.0 billion. On a preliminary and unaudited basis, the Company estimates that it generated approximately $4.0 million in Performance Fees for 2014, including amounts recognized in previous quarters and after payments to sub-advisors.
"We continued to realize the benefits of our diversification efforts during 2014, as our AUM remained largely unchanged from the prior year, despite the weakness in natural resources and our related funds," said Peter Grosskopf, CEO of Sprott. "Over the course of the year, we successfully built scale in our Enhanced Products line and expanded our passive product offerings with the launch of our first ETF, the Sprott Gold Miners ETF ("SGDM"), which has grown to more than $225 million in assets since its inception last July."
"In 2015, we will continue to reposition our Canadian diversified business while actively seeking opportunities to grow our international resource business and expand our institutional client base," added Mr. Grosskopf.
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) estimated AUM and Performance Fees; and (ii) continued repositioning of Sprott's Canadian diversified business while actively seeking opportunities to grow the Company's international resource business and expand its institutional client base. 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, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) the results of the year-end audits; and (iii) quality management will be available. 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) difficult market conditions; (ii) changes in the investment management industry; (iii) failure to continue to retain and attract quality staff; (iv) competitive pressures; (v) corporate growth may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (vi) historical financial information is not necessarily indicative of future performance; and (vii) 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.
All performance fee figures included in this release are based on preliminary, unaudited estimates and are subject to adjustments which may result due to factors including, but not limited to, the completion of year-end audits. Performance Fees and AUM should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Past performance may not be indicative of future results.
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 primarily through six business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, Sprott Resource Lending Corp., Sprott Toscana 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 and Sprott Toscana provide 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.
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