As part of an ongoing transition strategy, Eric Sprott is stepping down as lead portfolio manager on Sprott Canadian Equity Fund, Sprott Canadian EquityClass, Sprott Hedge Fund LP, Sprott Hedge Fund LP II and Sprott Bull/Bear RSP Fund.

The move was announced Tuesday evening by Sprott Asset Management LP and Sprott Inc. (TSX:SII), along with portfolio management changes to other Sprott funds.

“As he transitions away from day-to-day fund management, Eric will continue to serve as chairman of the Sprott Inc. board of directors and represent the company to clients and shareholders,” said Peter Grosskopf, CEO of Sprott Inc., in a news release. “Eric remains Sprott’s largest shareholder and he and his family are among our largest clients,”

Effective immediately, Jonathan Wiesblatt and James Bowen will assume co-lead portfolio management duties for Sprott Canadian Equity Fund and Sprott Canadian Equity Class.

Jason Mayer and Maria Smirnova will join the portfolio management team for Sprott Hedge Fund LP, Sprott Hedge Fund LP II and Sprott Bull/Bear RSP Fund, alongside Paul Wong, senior portfolio manager.

In addition, the team of Wong, Mayer and Smirnova has assumed portfolio management duties, effective immediately, for the following precious metals funds: Sprott Gold and Precious Minerals Fund; Sprott Gold and Precious Minerals Class; Sprott Resource Class; Sprott Silver Equities Class; Sprott Silver Bullion Fund; Sprott Silver Bullion Class; Sprott Gold Bullion Fund; and Sprott Gold Bullion Class. The objectives and strategies of the funds will remain the same, the companies say.

“Over the years we have evolved from a founder-led organization into a diversified alternative asset manager,” said John Wilson, CEO of Sprott Asset Management.

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“While the new portfolio management teams have their own unique views on how to deliver superior performance to investors, they will continue to manage the funds in the value-added, contrarian fashion established under Eric’s leadership,” Wilson said.

Sprott also announced that Charles Oliver has left the firm to pursue other opportunities.