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Home / transaction / Berkshire Global Advisors acted as financial advisor to Tocqueville Asset Management
Berkshire Global Advisors acted as financial advisor to Tocqueville Asset Management
  • has sold its Gold strategy to

    • Berkshire Global Advisors acted as financial advisor to Tocqueville Asset Management

  • Date: August 2019
  • Sector: Investment Management
  • Sub-Sector: Mutual Fund
  • Region: North America
  • Seller AUM: $1.9 Billion

    • Seller Details:
    The Tocqueville Trust was organized as an open-end management company in 1986 to hold the Tocqueville Fund, which launched in 1987. Over the next several decades, complementary funds were added to create the Tocqueville Family of Funds (“the Funds”). Tocqueville Asset Management L.P. (“TAM”) provides investment management and advisory services to all of the Funds. TAM has been managing institutional and private client accounts since its founding in 1985 with a focus on growing and preserving clients’ long-term capital. The experienced investment professionals of TAM manage accounts, including the Funds, utilizing independent thinking and rigorous research.

    Buyer Details:
    Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, Sprott is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Lending, Managed Equities and Brokerage. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII).

    Transaction Summary:
    Sprott Inc. and Tocqueville Asset Management LP have entered into a definitive agreement regarding the sale of Tocqueville’s gold strategy asset management business to Sprott Asset Management. The Tocqueville gold investment team comprised of Senior Portfolio Manager John Hathaway and Portfolio Managers Douglas Groh and Ryan McIntyre will join Sprott Asset Management on closing. Based on asset levels as of July 2019, the transaction will potentially add US$1.9 billion (C$2.5 billion) to Sprott’s AUM. The Agreement contemplates the transfer to Sprott of the responsibility to manage or sub-advise the gold strategies currently managed or sub-advised by the Tocqueville gold investment team for various Tocqueville clients including the Tocqueville Gold Fund (TGLDX) and certain other institutional accounts.