John Hathaway and Tocqueville Gold Team to Join Sprott

Highlights:

  • Sprott Inc. and Tocqueville Asset Management LP have entered into a definitive agreement regarding the sale of Tocqueville’s gold strategy asset management business to Sprott Asset Management
  • The Tocqueville gold investment team comprised of Senior Portfolio Manager John Hathaway and Portfolio Managers Douglas Groh and Ryan McIntyre will join Sprott Asset Management on closing
  • Based on current asset levels, the transaction will potentially add US$1.9 billion (C$2.5 billion) to Sprott’s AUM1
  • The Agreement contemplates the transfer to Sprott of the responsibility to manage or sub-advise the gold strategies currently managed or sub-advised by the Tocqueville gold investment team for various Tocqueville clients including the Tocqueville Gold Fund (TGLDX) and certain other institutional accounts
  • Subject to security holder approval for certain acquired strategies, regulatory and stock exchange approvals and other customary conditions to closing, the  transaction is currently expected to close in January 2020