Computershare to acquire exempt market business of Canadian Western Trust

Toronto-based alternative asset manager Sprott Inc. says it will cut its staff count in half to about 100 employees as it sells its Canadian diversified assets to a management group led by John Wilson, CEO of Sprott Asset Management (SAM) and James Fox, president of SAM, for about $46 million.

Peter Grosskopf, CEO of Sprott Inc., says the sale is designed to allow the Toronto-based company focus on its “core competencies,” which include precious metals and natural resources as it pursues global opportunities in those areas.

Sprott is selling management agreements in investment funds and accounts totalling $3 billion under management and says it will enter into agreements with the buyer to provide subadvisory services for $865 million in precious metals strategies assets.

It would be left with $7.5 billion in assets under management, including the subadvisory agreements.

Sprott Inc. says employees now managing the assets being sold would continue to advise as employees of the buyer.

Read: Sprott steps down

Photo copyright: niloo138/123RF