Sprott Asset Management completes reorganization

Date: Tuesday, June 2, 2009
Author: Investment Executive

New structure allows company to separately brand its business lines.

Sprott Inc. has completed a reorganization of Sprott Asset Management Inc. that separates the subsidiary into three distinct business lines, the company announced on Monday.

The reorganization, which the company previously announced, separates Sprott Asset Management’s operations into three areas: discretionary portfolio management by Sprott Asset Management LP, broker-dealer services by Sprott Private Wealth LP, and consulting services by Sprott Consulting LP.

The reorganization provides the opportunity to separately brand and market the three areas of Sprott’s operations, the company said. In addition, Sprott expects the changes will result in certain tax efficiencies.

Sprott Private Wealth will continue as an investment dealer and member of the Investment Industry Regulatory Organization of Canada.

Sprott Asset Management, an investment counsel/portfolio manager or equivalent in each of the provinces of Canada, will continue to manage the portfolios of the Sprott Funds and managed accounts.

Sprott Consulting will continue its business activities, including the management of Sprott Resource Corp.