Fri, Oct 9, 2015
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


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 - AQR Capital and Renaissance Technologies raise stakes in Southwest Airlines[more]

    From In the previous part of this series, we saw how institutional investors played Southwest Airlines (LUV) in 2Q15. Now let’s move on to the trades executed by key hedge funds in Southwest Airlines over the same period. … Most of the hedge funds that had significant exposu

  2. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  3. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  4. Hedge fund Barnegat survives September’s market selloff[more]

    Komfie Manalo, Opalesque Asia: Bob Treue’s $679 million Barnegat Fund proved resilient after another month of market letdown as the hedge fund gained 2.2% last month, bringing its year-to-date gains to 2.8%. Treue said in his monthly report to i

  5. …And Finally - Japanese men want upgrade on their virtual girlfriends[more]

    From Five years after News of the Weird mentioned it, Japan's Love Plus virtual-girlfriend app is more popular than ever, serving a growing segment of the country's lonely males -- those beyond peak marital years and resigned to artificial "relationships." Love Plus models (Rinko