Thu, Jul 20, 2017
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. Little-known cryptocurrency hedge fund seeks $200m in SEC filing[more]

    From Coindesk.com: A little-known, newly established hedge fund is seeking to raise $200m to invest in cryptocurrencies, according to regulatory filings. The bid by Cryptocurrency Fund LP to raise the money was revealed in a Form D submission to the US Securities and Exchange Commission (SEC), dated

  2. FinTech - Bitcoin hedge fund director: ICOs are having a 'eureka' moment, Big data and analytics: Not just for quants anymore, Data breach of a single firm impacts systematic risk (and cost of capital) for the firm's entire sector[more]

    Bitcoin hedge fund director: ICOs are having a 'eureka' moment From Coindesk.com: The director of one of the first bitcoin hedge funds offered praise for initial coin offerings (ICOs) today, arguing in an investor note that the novel fundraising method is already showing signs of

  3. Already above average, Singapore high-networth investors add hedge funds and alternative investments[more]

    Komfie Manalo, Opalesque Asia: An above-average proportion of Singaporean HNW wealth is allocated to alternative investments - the majority of which is held in hedge funds, according to the latest research by ReportLinker. In its report entitled, Wealth in Singapore: HNW Investors 2017

  4. Launches - Crypto boom: 15 new hedge funds want in on 84,000% returns, Crypto madness is striking VCs as Union Square analyst leaves to start new fund[more]

    Crypto boom: 15 new hedge funds want in on 84,000% returns From Forbes.com: With 43 projects raising $1.2 billion in initial coin offerings since May 1, according to Nick Tomaino's The Control, and with stratospheric returns for so many ICOs -- 82,000% for Ethereum, 56,000% for IOTA, 44,

  5. FinTech - The machines are coming... Elon Musk's grim warning, Tezos' $232 million ICO may just be the beginning, A gentle introduction to Initial Coin Offerings (ICOs), Billion dollar tokens, ICOS & crazy market swings WTF is going on!?, How AI is changing the way we invest, How the tech revolution is bringing flip-flops and beanbags to Wall Street, A 'machine-learning' approach to venture capital[more]

    The machines are coming... Elon Musk's grim warning From Tenplay.com.au: Tesla chief Elon Musk has called on US Governors to take 'decisive' action to curtail "the greatest risk we face as a civilization": Artificial Intelligence, or AI. Speaking at a meeting of the National Governor Ass