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Additional Information
Market: TSX
Sector: Financial
EPIC: SII
Latest Price: 7.30  (0.69% Ascending)
52-week High: 9.51
52-week Low: 5.35
Market Cap: 1,241.00M
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Sprott Asset Management
www.sprott.com

Sprott Asset Management Inc. is an independent asset management company based in North America. As of December 31, 2008, the Company had approximately 90,000 client accounts comprised primarily of retail, high net worth and, to a lesser extent, institutional investors.

Full Sprott Asset Management profile here
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Sprott Gold and Precious Minerals Fund delivers 113% return in 2009

11th Mar 2010, 1:27 pm
Sprott Gold and Precious Minerals Fund delivers 113% return in 2009

Full year results from Sprott Inc (TSX:SII) the consulting, private wealth and asset management company, showed a sharp drop in net income and EBITDA (earnings before interest, tax, depreciation, amortisation), but assets under management rose by $436 million to $4.77 billion in the final quarter of 2009. The increase during the quarter reflected a combination of net redemptions of $68.0 million and net market value appreciation of portfolios of $504 million.


Financial highlights for the year included base EBITDA of $33.7 million (2008: $57.1 million), net income of $31.8 million (2008: $52.1 million) and earnings per share of 21 cents (2008:36 cents).  Total revenue for the year decreased by 35% to $107.5 million (2008:$165.8 million). Management fees for 2009 were $88 million, down 29% on 2008. Management fee margins “remained fairly constant at 2%” during 2009.  Total expenses for 2009 were $62.4 million, a decrease of $24.1 million, or 28%


During 2009 Sprott underwent reorganization, splitting its operations into three divisions: wealth management, asset management and consulting.  Since the end of 2009, Sprott has launched two additional funds, the Sprott Physical Gold Trust and Sprott 2010 Flow-Through Limited Partnership.


"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,” Eric Sprott, CEO of Sprott Inc summarized.


One of the highlights for the group in 2009 was the Sprott Gold and Precious Minerals Fund, which posted a return of 113%.

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