Sprott cuts staff by half in asset deal

TORONTO — Sprott Inc. (TSX:SII) says it will cut its staff count in half to about 100 employees as it sells its Canadian diversified assets to a management group for about $46 million.

The asset management firm says it has struck a deal with a group led by managers of its Sprott Asset Management subsidiary, CEO John Wilson and president James Fox.

Peter Grosskopf, CEO of Sprott Inc., says the sale is designed to allow the Toronto-based company focus on its “core competencies,” which include precious metals and natural resources as it pursues global opportunities in those areas.

Sprott is selling management agreements in investment funds and accounts totalling $3 billion under management and says it will enter into agreements with the buyer to provide sub-advisory services for $865 million in precious metals strategies assets.

It would be left with $7.5 billion in assets under management, including the sub-advisory agreements.

Sprott Inc. says employees now managing the assets being sold would continue to advise as employees of the buyer.

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