Saturday, 30 August 2014
Last updated 1 day ago
Apr 2 2012 | 12:45pm ET
A tough market for precious metals all but wiped out hedge fund Sprott Inc.'s profit in the fourth quarter.
The Toronto-based money manager said its net profit fell by 96% from the same period of 2010, from C$108.6 million to just C$4.6 million. Revenue fell by almost 85% to C$38.1 million.
Analysts had estimated Sprott would earn C$0.06 per share; it actually earned C$0.03.
"For sometime now, we have been vocal on our views on economic weakness and the dangers inherent in the financial system and as a result our portfolios were positioned defensively throughout 2011," CEO Peter Grosskopf said.
"However, beginning in August, with the broad market sell-off, our performance suffered due to the declines in gold, silver and energy equities, which accelerated in the year end."
Many of Sprott's funds finished down in 2011, cutting performance fee income for the quarter to just C$2.5 million, a fraction of the C$199.1 million it earned the previous fourth quarter.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...