Sprott Inc. announces 2013 first quarter results

About this update from Sprott Inc.

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 8, 2013 /CNW/ - Sprott Inc. (TSX: SII) (\"Sprott\" or the\n \"Company\") today announced its financial results for the three months\n ended March 31, 2013.\n\n\nQ1 2013 Overview\n\n\n\nAssets Under Management (\"AUM\") were $9.1 billion as at March 31, 2013,\n compared to $9.7 billion as at March 31, 2012 and $9.9 billion as at\n December 31, 2012\n\n\n\n\nAssets Under Administration (\"AUA\") were $3.3 billion as at March 31,\n 2013, compared to $4.6 billion as at March 31, 2012 and $3.7 billion as\n at December 31, 2012\n\n\n\n\nManagement Fees were $26.0 million, a decrease of 21.3% compared with\n the three months ended March 31, 2012\n\n\n\n\nEBITDA was $10.4 million ($0.06 per share), compared with $16.2 million\n ($0.10 per share) for the three months ended March 31, 2012, a decrease\n of 35.6%\n\n\n\n\nNet income was $2.1 million ($0.01 per share) for the three months ended\n March 31, 2013, a decrease of 87.7% from $16.9 million ($0.10 per\n share) in the three months ended March 31, 2012\n\n\n\n\nNamed John Wilson and Scott Colbourne Co-Chief Investment Officers of\n Sprott Asset Management LP\n\n\n\n\nCompleted non-brokered private placement with an institutional investor\n for gross proceeds of $25 million and seeded Sprott Macro Managers Fund\n\n\n\n\nResource Capital Investment Corporation raised US$35 million in a new\n fixed-term limited partnership\n\n\n\n\nSigned joint venture agreement to launch new global mining fund with\n Zijin Mining Group Co., Ltd.\n\n\n\n\"The first quarter and subsequent month have continued to be challenging\n for Sprott and our strategies concentrated on investments in precious\n metals and their related equities,\" said Peter Grosskopf, Chief\n Executive Officer of Sprott. \"While we remain confident that this\n positioning will be rewarded with much better performance once markets\n become less comfortable with the results of quantitative easing, we\n also continue to build other areas of our firm to incorporate a broader\n range of investment strategies. We are pleased with the growth of our\n enhanced equity, private equity and lending and fixed income areas.\"\n\n\n\"One of our priorities is to make our products more attractive to\n institutional investors,\" continued Mr. Grosskopf. \"During the firs...

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