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.
Forward-Looking Information
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.