November 10, 2011 / 12:33 PM / 7 years ago

UPDATE 1-Sprott's quarterly profit rises amid bumpy markets

Nov 10 (Reuters) - Sprott Inc (SII.TO), a Canadian asset manager focusing on resources, said on Thursday that its quarterly profit rose 4.1 percent, despite choppy equities markets and global economic uncertainty.

Toronto-based Sprott said its third-quarter profit was C$10.4 million, or 6 Canadian cents a share, compared with C$10 million, or 7 Canadian cents a share, a year earlier, when there were fewer shares outstanding.

“While we have positioned our portfolios defensively, in line with our well-stated views on the weaknesses inherent in the financial system, we were disappointed not to have delivered better performance through the recent turmoil,” Chief Executive Officer Peter Grosskopf said in a statement.

The company said its assets under management rose to C$9.9 billion from C$6.5 billion a year earlier.

On Wednesday, Sprott declared a dividend of 3 Canadian cents per common share for the quarter, payable on Dec. 2. The company went public in 2008. (Reporting by Pav Jordan and Euan Rocha; Editing by Lisa Von Ahn)

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