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Komfie Manalo, Opalesque Asia:

Toronto-based asset management company Sprott Asset Management LP (SAM) has entered into an agreement to sell its Canadian diversified fund business to a management-led group. Under the deal, the new group will have more than $3 billion in assets under management as well as a unique investment solutions that help financial advisors differentiate their businesses and add significant value to their clients' portfolios.

"This agreement marks a new and exciting era for our clients and our employees - one where the new company's management team is fully aligned behind one idea: Continue our growth as an exceptional fund management business that uses innovative thinking to help advisors succeed," said John Wilson, CEO and co-CIO of SAM.

Wilson and James Fox, President of SAM, will be co-Managing Partners of the new firm. The agreement is expected to be finalized in the coming months, pending regulatory approvals.

"Our Canadian diversified asset management business has been showing significant growth over the last five years," added Fox. "We've had great success with our alternative income products, flow-through offerings, energy offerings, and our core equity and credit products. These are things that few others are doing in the same way. Our team is incredibly excited to be able to bring all our passion to bear on delivering more of this kind of innovation to Canadian investors."

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