Sprott Announces Sub-Advisory Agreement with Bridging Finance
Introduces Sprott Bridging Income Fund LP
TORONTO, July 28, 2014 /CNW/ - Sprott Asset Management LP ("Sprott") today announced that it has entered a sub-advisory agreement with Bridging Finance Inc. ("Bridging Finance") to manage the Sprott Bridging Income Fund LP ("the Fund"). Bridging Finance is a private investment management company specializing in factoring.
"We are pleased to offer our clients another unique investment solution designed to complement traditional income portfolios," said John Wilson, CEO of Sprott. "The Bridging Finance team has proven expertise in factoring, a specialized type of commercial lending that provides improved cash flow to businesses with credit-worthy receivables. This new offering will both expand our product lineup and enhance our established lending platform."
The Fund targets a minimum yield of 6.5% per annum by investing in factoring and asset-backed loans that have a low correlation to traditional asset classes. The Fund also has the ability to provide debt capital to middle-market Canadian and U.S. companies unable to access traditional financing sources. This is an asset class that traditionally has been difficult for individual investors to access.
"Sprott has established a leadership position in distributing alternative lending solutions to Canadian investors. We are excited to work with them to introduce this product to investors seeking consistent yield and stable income, which can be difficult to attain, particularly in a low-interest rate environment," said David Sharpe, President and COO of Bridging Finance.
"The investment fund landscape continues to quickly evolve along with the needs and sophistication of investors. Sprott will continue to be a leading provider of actively-managed solutions," said Peter Loach, Executive Vice President of Product Development at Sprott.
About Sprott Asset Management
Sprott Asset Management LP (www.sprott.com), a wholly owned subsidiary of Sprott Inc. (www.sprottinc.com), is a fund company dedicated to achieving superior returns for its investors over time. Sprott Asset Management LP manages assets primarily for institutions, endowments and high net worth individuals and is the investment manager of the Sprott Mutual Funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors should consult their financial advisor to determine if the Sprott Mutual Funds may be sold in their jurisdiction.
About Bridging Finance Inc.
Bridging is a privately held Canadian company providing middle-market Canadian companies with alternatives to the financing options offered by traditional lenders. Lending proceeds are used by companies to address short-term needs such as restructuring existing debt, providing working capital for growth, supporting inventory purchases and financing expenditures and acquisitions/buyouts.
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