Make Kitco Your Homepage

Sprott To Acquire Tocqueville Gold Strategies

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) - Sprott Inc. (TSX: SII) and Tocqueville Asset Management announced today that Sprott Asset Management LP is to acquire Tocqueville’s gold strategy asset management business.

This transaction will add potentially up to $1.9 billion to Sprott’s assets under management, and is expected to close in January 2020.

“The addition of these strategies will complement our other resource investment and financing business, expand our global footprint and allow us to service clients in all major gold markets,” said Peter Grosskopf, CEO of Sprott.

The agreement transfers the responsibility to manage or sub-advise the assets that are currently under the management of the Tocqueville gold investment team to Sprott. This includes the Tocqueville Gold Fund (TGLDX).

The Tocqueville gold investment team joining Sprott include senior portfolio manager, John Hathaway, as well as a group of portfolio managers.

“We are pleased to be acquiring Tocqueville’s gold strategy asset management business,” said President of Sprott, Whitney George. “John Hathaway and his team are among the world’s most respected gold equities managers and we have enjoyed an excellent working relationship during the planning and launch of our joint venture over the past year. This transaction is a natural extension of that partnership, through which John will become a Sprott shareholder. We look forward to working closely together to serve our clients.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.