Sprott Asset Management (SAM) is to acquire Tocqueville Asset Management’s gold strategy asset management business, with Tocqueville gold investment team comprised of Senior Portfolio Manager John Hathaway and Portfolio Managers Douglas Groh and Ryan McIntyre will join Sprott Asset Management on closing.
“We are pleased to be acquiring Tocqueville’s gold strategy asset management business,” says Whitney George, President of Sprott. “John Hathaway and his team are among the world’s most respected gold equities managers and we have enjoyed an excellent working relationship during the planning and launch of our joint venture over the past year. This transaction is a natural extension of that partnership, through which John will become a Sprott shareholder. We look forward to working closely together to serve our clients.”
“We believe that this transaction is an excellent fit for our mutual fund shareholders and our clients,” says Robert W Kleinschmidt, President, CEO and CIO of Tocqueville. “It ensures us continued participation in the gold space, as well as access to the best investment talent and resources in the sector. We look forward to partnering with Sprott in this endeavour and to developing closer ties between the two firms in the future.”
“Sprott has a globally recognised brand with a dedicated precious metals platform and a long history in the sector,” says John Hathaway, Senior Portfolio Manager of Tocqueville. “We share a similar world view and investment philosophy and believe our clients will benefit from access to Sprott’s team of technical experts and investment professionals.”
“Based on current asset levels, this transaction is expected to add USD1.9 billion (CAD2.5 billion) in assets under management (AUM) to our managed equities platform,” says Peter Grosskopf, CEO of Sprott. “The addition of these strategies will complement our other resource investment and financing businesses, expand our global footprint and allow us to service clients in all major gold markets.”
Law firm Seward & Kissel LLP represented Tocqueville in connection with this transaction.
