NEW YORK, March 02, 2016 (GLOBE NEWSWIRE) -- Sprott Asset Management USA Inc. (“Sprott USA”), an alternative asset manager with deep expertise across asset classes, today announced the appointment of Edward Coyne as Executive Vice President and National Sales Manager. Mr. Coyne will lead the firm’s US sales team and focus on building relationships across both the institutional and advisor channels. In addition, Sprott USA announced the opening of a New York office, located at 100 Park Avenue.
The New York office will serve as a business development center and complement Sprott’s North American headquarters in Toronto.
“Establishing a centralized marketing and business development presence in New York is a natural step in the growth of our firm,” said James Fox, president of Sprott Asset Management. “We continue to make strategic investments that drive the future growth of Sprott and help us better serve our clients. These investments include the recent addition of Ed as our National Sales Manager. He brings to Sprott over two-decades of distribution and client service experience and established relationships with institutional investors and financial advisors. We look forward to his contributions to the firm and our growing client base.”
“I am excited to join Sprott, which is one of the preeminent alternative asset managers in the world and offers clients a strong portfolio of best-in-class listed products,” said Mr. Coyne. “The Sprott Physical Bullion Trusts offer an efficient alternative for investors who want to maintain some exposure to precious metals, which historically has helped diversify traditional equity and fixed income portfolios.”
Mr. Coyne brings to Sprott USA over 23 years of investment management and institutional sales experience, and spent the previous 18 years as a Principle and Investment Specialist at Royce & Associates (“Royce”). Mr. Coyne also worked with Zweig Mutual Funds and Neuberger Berman as a Regional Sales Director.
“Having worked with Ed for nearly two decades, I am confident in his ability to help grow our U.S. presence,” said Whitney George, Chairman of Sprott USA. “I am excited to work with him again and deliver strategic, effective investment solutions to U.S. investors and financial advisors.”
Sprott USA is a growing business unit of Sprott Inc. (TSX:SII). In addition to the Sprott Physical Bullion Trusts, Sprott manages the Sprott Focus Trust, Inc. (Nasdaq:FUND), which was transferred from Royce in the first quarter of 2015.
Sprott Physical Bullion Trusts
Sprott manages three exchange-listed, tax-advantaged (for certain U.S. investors*) closed-end trusts that provide a secure, convenient, and liquid alternative for investors who want to hold physical bullion: Sprott Physical Gold Trust (NYSE:PHYS), Sprott Physical Silver Trust (NYSE:PSLV) and Sprott Physical Platinum & Palladium Trust (NYSE:SPPP). To learn more about the Trusts, please visit http://sprottphysicalbullion.com/.
Sprott Physical Gold Trust (“PHYS”) is a closed-end trust that invests in unencumbered and fully-allocated London Good Delivery (“LGD”) gold bars. PHYS bullion is stored at a secure third party storage location, which is held by a Federal Crown Corporation of the Government of Canada. There is no levered financial institution between the unitholders and the trust’s physical gold. Unitholders who hold certain minimum dollar value equivalent have the ability to redeem their units for physical gold bullion on a monthly basis.
Sprott Physical Silver Trust (“PSLV”) is a closed-end trust that invests in unencumbered and fully-allocated London Good Delivery (“LGD”) silver bars. PSLV bullion is stored at a secure third party storage location, which is held by a Federal Crown Corporation of the Government of Canada. There is no levered financial institution between the unitholders and the trust’s physical silver.
The Sprott Physical Platinum and Palladium Trust (“SPPP”) is a closed-end trust that invests in unencumbered and fully-allocated Good Delivery physical platinum and palladium bullion. SPPP bullion is stored at a secure third party storage location, which is held by a Federal Crown Corporation of the Government of Canada. There is no levered financial institution between the unitholders and the trust’s physical platinum and palladium.
** For U.S. non-corporate investors who hold units for one year or more and timely file a QEF form, gains realized on the sale of the Trust’s units are currently taxed at a capital gains rate of 15%, versus 28% applied against most precious metals ETF’s and physical gold coins.
About Sprott USA
Sprott Asset Management USA Inc. (“Sprott USA”) is an SEC Registered Investment Adviser firm that is a member of the Sprott Group of Companies (“Sprott Group”). The Sprott Group offers a collection of investment managers united by one common goal: delivering long-term returns to our investors.
About Sprott Asset Management
Sprott Asset Management is a leading alternative asset manager headquartered in Toronto, Canada. The company manages the Sprott family of alternative investment strategies, exchange-listed products and discretionary managed accounts. Please visit www.sprott.com to learn more.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes information that relates to, among other things, the intentions of Sprott and Sprott Physical Gold Trust and future financial and operating performance and prospects, statements with respect to the value of the units of Sprott Physical Gold Trust received as consideration under the Sprott offer, our objectives, strategies, intentions, expectations and guidance and future financial and operating performance. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Sprott and Sprott Physical Gold Trust identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the execution of business and growth strategies, including the success of investments and initiatives; no significant and continuing adverse changes in general economic conditions or conditions in the financial markets. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to the risks discussed under the heading “Risk Factors” in Sprott Physical Gold Trust’s most recent annual information form and other documents filed with Canadian and U.S. securities regulatory authorities. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Neither Sprott nor Sprott Physical Gold Trust assumes any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
Source: Sprott Asset Management USA, Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum & Palladium Trust, Sprott Focus Trust
Investor Contact: Ed Coyne Executive Vice President, Sprott US 203-636-0972 firstname.lastname@example.org Media Contact: Nick Rust Prosek Partners 212-279-3115 ext. 252 email@example.com