Mon, Mar 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Canadian hedge fund veteran Eric Sprott looking for successor to run asset management unit

Wednesday, July 14, 2010
Opalesque Industry Update – It was announced a couple of days ago that Sprott Inc. had hired Peter Grosskopf as its new CEO and as a member of the Company's Board of Directors, effective September 7, 2010.

In conjunction with this appointment, Eric Sprott, who founded the firm in 2001, will assume the position of Chairman of Sprott Inc. and CIO of Sprott Asset Management LP. Sprott A.M. is one of Canada's best known hedge fund management group, with around US$5bn in AuM.

65-year old Eric Sprott will provide Mr. Grosskopf with five million common shares of Sprott Inc. held by his personal holding company Holdco, and Mr. Bambrough, President of Sprott Inc., with three million common shares of Sprott Inc. also over the next three years.

Sprott Inc. is an independent asset manager headquartered in Toronto, Canada, listed on the Toronto Stock Exchange that operates through three distinct business units: Sprott Asset Management LP, Sprott Private Wealth LP and Sprott Consulting LP. The asset management unit manages mutual funds, hedge funds and discretionary managed accounts.

During a conference call yesterday, Eric Sprott revealed that he is on the hunt for someone to replace him on his hedge funds now that a successor has been named for Sprott Inc., saying that although it is a more difficult to find a replacement compared with his mutual funds, he hopes to have someone in place in a few years.

“We are experimenting with various partners here [Sprott] both in research and the portfolio management area. But ultimately we may have to go out and find someone…We have to think that we’ll do something within five years,” he was quoted as saying by The Globe and Mail.

Sprott, which specialises in commodities, is also reportedly planning to launch a silver bullion fund soon.

Eric Sprott, who is bullish on gold and silver but bearish on the general economy, told The Globe and Mail in an interview last month: “I think you might end up getting necessary inflation in food, energy, precious metals, where there could end up being real shortages.”

His views are similar to that of Marc Faber, aka Dr Doom, who joined Sprott A.M. as director in January this year.

– B. Gravrand.


See our June Opalesque Exclusive: Dr Doom recommends investing in Asia, agriculture, water, precious metals, as "the crisis has yet to come" interview


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Adamas Asset Management and Ping An Insurance to co-manage $500m debt fund[more]

    Komfie Manalo, Opalesque Asia: Hong Kong-based Adamas Asset Management and Ping An Insurance Group, one of China’s largest financial institutions, have finalized a memorandum of und

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie