Business
Sprott Inc. announces fourth quarter and 2009 year end results
Sprott Inc. announces fourth quarter and 2009 year end results
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 11, 2010 (Canada NewsWire Group) -- /CNW/ -- Sprott Inc. (TSX: SII) (\"Sprott\" or the \"Company\") today announced its financial results for the three- and 12-month periods ended December 31, 2009.Fiscal 2009 Highlights:- Assets Under Management (\"AUM\") were $4.8 billion as at December 31,2009, compared to $4.4 billion as at December 31, 2008 and $4.3billion as at September 30, 2009- Management Fees were $88.0 million, a decrease of 29% compared with2008- Base EBITDA was $33.7 million, compared with $57.1 million the prioryear- Net income was $31.8 million ($0.21 per share), versus $52.1 million($0.36 per share) in 2008- Completed corporate reorganization dividing Sprott Asset Management(\"SAM\") into three business lines: Sprott Asset Management LP; SprottPrivate Wealth LP; and Sprott Consulting LP- Announced several key appointments, including:- Kevin Bambrough, President, Sprott Inc.- James Fox, President, SAM- Peter Loach, Executive Vice President of Product Development, SAMSubsequent to Year-End:- Launched first flow-through fund, the Sprott 2010 Flow-ThroughLimited Partnership- Launched the Sprott Physical Gold Trust- Named Scott Colbourne, Senior Portfolio Manager, SAM\"As the markets rallied in 2009, the majority of our long funds outperformed their benchmarks, some by a wide margin, while most of our hedge funds were constrained by their short positions during the year, limiting them to modest returns. The Sprott Gold and Precious Minerals Fund, managed by Charles Oliver and Jamie Horvat, was our best performer all year, posting a return of 113% versus 7% for its benchmark,\" said Eric Sprott, CEO of Sprott Inc. \"The results delivered by our investment team in 2009 generated performance fees for some of our funds and reduced the performance deficits that others carried forward into 2009. These results position us well to return to generating potentially significant performance fees in the year ahead.\"\"We reorganized our business in 2009 to create three separate units: Sprott Asset Management; Sprott Private Wealth; and Sprott Consulting. We have recently made key hires in each of these areas, as we work to build out our management teams to drive the growth strategies of these businesses,\" continued Mr. Sprott. \"Going forward, we will continue to introduce new products and services. So far t...