TORONTO, Jan. 20, 2014 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced its preliminary estimate of Assets Under Management ("AUM") and Performance Fees for the year ended December 31, 2013.
The Company estimates that Assets Under Management as at December 31, 2013 were approximately $7.0 billion. On a preliminary and unaudited basis, the Company estimates that it generated approximately $5.0 million in Performance Fees for 2013, including amounts recognized in previous quarters and after payments to sub-advisors.
"Our Assets Under Management declined in 2013 as the downturn in the natural resource sector took a toll on some of our larger strategies," said Peter Grosskopf, Chief Executive Officer of Sprott. "Looking ahead, our key priorities include continuing to diversify our Canadian platform, capitalizing on international opportunities in the resource sector and building scale in our institutional business."
All performance fee figures included in this release are based on preliminary, unaudited estimates and are subject to adjustments which may result due to factors including, but not limited to, the completion of year-end audits at certain publicly-traded companies managed by Sprott Consulting LP. Performance Fees and AUM should not be considered alternatives to performance measures determined in accordance with GAAP and may not be comparable to similar measures presented by other issuers. Past performance may not be indicative of future results.
This release contains "forward-looking statements" which reflect the current expectations of the Company. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, those listed under the heading "Risk Factors" in the Company's annual information form dated March 26, 2013. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the Company believes to be reasonable assumptions, the Company cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
About Sprott Inc.
Sprott Inc. is a leading independent asset manager dedicated to achieving superior returns for its clients over the long term. The Company currently operates through five business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, Sprott Resource Lending Corp. and Sprott U.S. Holdings Inc. Sprott Asset Management is the investment manager of the Sprott family of mutual funds and hedge funds and discretionary managed accounts; Sprott Private Wealth provides wealth management services to high net worth individuals; and Sprott Consulting provides management, administrative and consulting services to other companies. Sprott Resource Lending provides lending services to mining and energy sectors. Sprott U.S. Holdings Inc. includes Sprott Global Resource Investments Ltd, Sprott Asset Management USA Inc., and Resource Capital Investments Corporation. Sprott Inc. is headquartered in Toronto, Canada, and is listed on the Toronto Stock Exchange under the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.
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