Sprott Assumes Management Contracts for $285MM of Specialty Funds
TORONTO, Feb. 27, 2015 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced that it has received the necessary investor and regulatory approvals to complete the previously announced transfer of the management contracts for two specialty funds from Royce & Associates, LLC to Sprott Asset Management and Sprott USA, effective March 9, 2015.
The Royce Focus Trust, Inc. (Nasdaq: FUND) and one other alternative equity fund ("the Funds") will continue to be managed by Whitney George, who has joined Sprott as a Senior Portfolio Manager. Together, the Funds have approximately $285 million in assets under management.
"We are pleased to welcome Whitney to our team and look forward to working with him to continue the growth of our U.S. business," said Peter Grosskopf, CEO of Sprott. "The addition of these two funds is an important step in the process of expanding our product and geographic diversity."
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 press 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 press release contains Forward-Looking Statements pertaining to: (i) expectations regarding the Funds, including their management by Mr. George and anticipated cash flows; and (ii) expectations regarding continued growth of the Company's U.S. business and the expansion of its product and geographic diversity. Although the Company 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) quality management will be available; and (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment. 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 the Company's annual information form dated March 25, 2014. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company 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, firstname.lastname@example.org