By Ben Walsh Barron's, New York Wednesday, August 7, 2019
https://www.barrons.com/articles/as-gold-surg...manager-gets...
Central banks around the world taking dovish turns, an intensifying U.S.-China trade war, and revved-up stock-market volatility have pushed gold over $1,500 an ounce for the first time since 2013.
And it isn't just the precious commodity that;s getting a boost right now -- gold funds seem to be feeling the optimism as well. Sprott, an alternative-asset manager with about $8 billion in assets, said today that it is acquiring Tocqueville Asset Management's gold strategies business.
The companies said in a statement that Sprott would pay up to $50 million in cash and stock to acquire gold strategies and institutional accounts with $1.9 billion in assets under management based on Tuesday's market prices, including the Tocqueville gold fund. The Tocqueville gold portfolio management team will join Sprott when the deal closes, which is expected in January 2020.
Sprott President Whitney George said that the Tocqueville team is "among the world's most respected gold equities managers and we have enjoyed an excellent working relationship during the planning and launch of our joint venture over the past year."
"Sprott has a globally recognized brand with a dedicated precious metals platform and a long history in the sector," said John Hathaway, Tocqueville's senior portfolio manager. * * *
