Fri, Aug 1, 2014
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. Opalesque Exclusive: Kyria Capital Management bets on women hedge fund managers[more]

    Bailey McCann, Opalesque New York: As hedge fund assets top $3 trillion, and long/short strategies get more crowded than ever, with every manager hunting for even the tiniest bit of alpha, a new firm has emerged that claims its own edge – women. A recent Rothstein Kass study showed women-owned a

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  4. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  5. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by