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
ecoyne@sprottusa.com
Media Contact:
Nick Rust
Prosek Partners
212-279-3115 ext. 252
nrust@prosek.com