Dennis Mitchell.
Sprott Asset Management is putting newly-hired portfolio manager Dennis Mitchell at the helm of its push to offer new investment products with a focus on global equities.
"We think we will have a very quick ramp with Dennis and he has very strong following across the country," Sprott CEO John Wilson told The Globe and Mail. "Global equities is a category we feel is underserved on our platform and an area where Dennis can bring very meaningful business to us, in a very short period of time."
Mr. Mitchell, who has joined Sprott as senior portfolio manager and senior vice-president, has been a well-known figure within the investment community for the past decade. Prior to joining Sprott, Mr. Mitchell was chief investment officer for Sentry Investments, where he also managed the Sentry Global Growth and Income Fund/Class and Sentry Global Balanced Income Fund.
"Dennis and I have known each other for a couple years and he was, in our view, an untouchable component of Sentry Investments," said Mr. Wilson. "When he became available, it was much too great an opportunity for us to pass up."
Mr. Wilson said he hopes to have new products on Sprott's shelf by the beginning of 2016.
The reason for Mr. Mitchell's sudden departure from Sentry remains unknown.
"Both sides have decided we are just going to move on and I have a ton of respect for the management at Sentry," Mr. Mitchell said. "After 10 years with them I am proud of everything I have accomplished."
In his new role, Mr. Mitchell plans to continue his interaction with investors.
"I envision I will be just as vocal with my message," Mr. Mitchell said in an interview. "I enjoy spreading the gospel of what we are trying to do. I am extremely passionate about money management and when you are passionate about something this much, you certainly want to share it with people."
Mr. Mitchell is known for his expertise in managing global equity, infrastructure and REIT funds, all areas in which Sprott is looking to expand its offerings. Sprott has been transitioning its business model over the last several years, with a big focus on moving away from resource-focused funds.
"The non-resource part of our business is now much larger than the resource part of our business," Mr. Wilson said. "Specifically, we have heard a lot of requests from clients that they want to see more options in global opportunity."
Analysts see the hiring of Mr. Mitchell as a positive move for Sprott.
"The hiring is on strategy. With Mr. Mitchell's experience in managing global equity, infrastructure and REIT funds, we expect further product launches over the near term," wrote research analysts with Desjardins Capital Markets in a report released Tuesday. "A well-regarded portfolio manager, Mr. Mitchell is also seen as a good fund marketer, which could benefit Sprott's mutual fund sales."
Clare O’Hara