TORONTO, Jan. 20, 2015 /CNW/ - Sprott Asset Management LP and Sprott Inc. (TSX:SII) announced today that as part of the previously communicated transition strategy, Eric Sprott is stepping down as lead portfolio manager on the Sprott Canadian Equity Fund, Sprott Canadian EquityClass, Sprott Hedge Fund LP, Sprott Hedge Fund LP II and Sprott Bull/Bear RSP Fund. The company also announced portfolio management changes to certain other Sprott funds.
"Over the course of more than 40 years in the investment business, Eric established himself as one of Canada's greatest investors," said Peter Grosskopf, CEO of Sprott Inc. "As he transitions away from day-to-day fund management, Eric will continue to serve as Chairman of the Sprott Inc. Board of Directors and represent the company to clients and shareholders. Eric remains Sprott's largest shareholder and he and his family are among our largest clients."
Effective immediately, Jonathan Wiesblatt and James Bowen will assume co-lead portfolio management duties for the Sprott Canadian Equity Fund and the Sprott Canadian Equity Class. Jason Mayer and Maria Smirnova will join the portfolio management team for the Sprott Hedge Fund LP, Sprott Hedge Fund LP II and the Sprott Bull/Bear RSP Fund, alongside Senior Portfolio Manager Paul Wong.
"Over the years we have evolved from a founder-led organization into a diversified alternative asset manager. However, we remain committed to doing things differently and providing our clients with access to innovative investment products that they can't find elsewhere, " said John Wilson, CEO of Sprott Asset Management. "While the new portfolio management teams have their own unique views on how to deliver superior performance to investors, they will continue to manage the funds in the value-added, contrarian fashion established under Eric's leadership."
Portfolio Management Changes
Sprott also announced today that, effective immediately, the team of Paul Wong, Jason Mayer and Maria Smirnova has assumed portfolio management duties for the following funds:
- Sprott Gold and Precious Minerals Fund and Sprott Gold and Precious Minerals Class
- Paul Wong, Lead Portfolio Manager
- Jason Mayer and Maria Smirnova, Portfolio Managers
- Sprott Resource Class
- Jason Mayer, Portfolio Manager(with Eric Nuttall and Paul Wong, Portfolio Managers and Rick Rule, Investment Strategist)
- Sprott Silver Equities Class; Sprott Silver Bullion Fund, Sprott Silver Bullion Class; Sprott Gold Bullion Fund; Sprott Gold Bullion Class
- Maria Smirnova, Portfolio Manager
The new precious metals team provides investors with access to a variety of skillsets including technical analysis, stock picking and fundamental research. They are supported by Sprott's broader research and technical teams, which include both precious metals strategists and economic geologists. The objectives and strategies of the funds will remain the same.
Sprott also announced today that Charles Oliver has left the firm to pursue other opportunities. We wish him the best in his future endeavours.
Portfolio Manager Bios
James Bowen joined Sprott Asset Management in December 2014 with more than 10 years of investment management experience with a background in portfolio construction, valuation analysis, financial modelling and security selection. Prior to joining Sprott, James was a Portfolio Manager with JC Clark Ltd. Prior to that, he worked as a securities analyst and portfolio manager at Adaly Investment Management, and held research and investor services positions at Strategic Advisors and the Royal Bank. James is a graduate of the University of Waterloo and is a CFA Charterholder.
Jonathan Wiesblatt joined Sprott Asset Management in December 2014 and brings more than 10 years of investment management experience with a focus on North American equities across various sectors. Prior to joining Sprott Jon was a Portfolio Manager with JC Clark Ltd. Prior to that, he spent 8 years as a securities analyst and portfolio manager with Adaly Investment Management Corp. Jon began his investment career as a sell-side equity analyst at a Canadian-based investment bank covering companies in the consumer, technology and materials sectors. Jon is a graduate of the University of Western Ontario and holds the designation of Chartered Investment Manager.
Paul Wong joined Sprott Asset Management in 2011 with more than 20 years of experience in the investment industry. He has been a portfolio manager responsible for the short positions of the Sprott hedge funds since 2012. Previously, he was a Portfolio Manager with Natcan Investment Management, where he managed three natural resource-related funds with more than $350 million in combined assets. Paul earned his Bachelor of Science in Geology from the University of Toronto and is a CFA charterholder.
Jason Mayer joined Sprott Asset Management in November 2012. Jason has more than 10 years of investment industry experience and joined Sprott from Middlefield Capital Corporation, where he acted as lead portfolio manager on a number of investment funds with a focus on growth-oriented resource equities. Jason is an MBA graduate of the Schulich School of Business and is a CFA charterholder.
Maria Smirnova joined Sprott Asset Management in May 2005. Maria is a portfolio manager with more than 15 years of experience in the financial services industry. She has been part of the Sprott precious metals team since since 2007 and has been a portfolio manager on the Sprott Silver Equities Class since its inception in 2012. Maria began her career at Excel Funds Management as Operations Manager, and subsequently worked in Product Development at Fidelity Investments. Maria graduated with distinction from the University of Toronto with a Bachelor of Commerce degree and has been a CFA charterholder since 2002. She graduated as a Bregman Scholar from the University of Toronto's MBA program in 2005.
About Sprott Asset Management
Sprott Asset Management LP is a leading alternative asset manager headquartered in Toronto, Canada. The company manages the Sprott family of mutual funds, hedge funds, specialty products, and passive products. The company also manages discretionary managed accounts. Please visit www.sprott.com to learn more.
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.
SOURCE Sprott Inc.
For further information: Glen Williams, Director of Communications, Sprott Group, T: 416.943.4394, E: [email protected]