Sprott appoints new small-cap lead manager, replacing Jacobs

Rudy Luukko 2 May, 2014 | 12:04AM
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Eric Nuttall has been appointed lead manager of Sprott Asset Management LP's small-cap funds, taking over from former star manager Allan Jacobs. Morningstar Canada's manager of the year in 2006, Jacobs produced disappointing returns during his nearly seven years at Sprott that fell far short of his earlier career achievements.

Nuttall assumes responsibility for managing Sprott Small Cap Equity and Sprott Small Cap Hedge. He also continues as the lead manager of Sprott Energy.

In announcing Nuttall's additional responsibilities on April 30, Sprott said in a release that Jacobs "is leaving Sprott following a long and successful career as a portfolio manager to spend more time with his family and on his personal interests."

Sprott said Jacobs has worked closely with Nuttall to facilitate the transfer of the portfolio-management responsibilities for the small-cap funds. Jacobs had managed Sprott Small Cap Equity since its inception.

Under Jacobs, the fund has been a below-average performer in the Canadian Small/Mid Cap Equity category over multiple periods and has a 2-star Morningstar Rating for its historical risk-adjusted returns.

The departure of Jacobs from Sprott follows closely that of his long-time colleague, Peter Imhof, who left Sprott in March to become a small-cap manager at AGF Investments Inc. Jacobs and Imhof both joined Sprott in August 2007 from Sceptre Investment Counsel Ltd.

Jacobs, who is in his mid-50s, had previously been employed at Sceptre since 1993. At Sceptre, he built a stellar track record for the former Sceptre Equity Growth (now Fiera Capital Equity Growth under new ownership) and became one of Canada's most highly regarded small-cap managers.

Nuttall joined Sprott in 2003 as a research associate and was subsequently promoted to the position of research analyst in 2005. He became an associate portfolio manager in 2008 and a portfolio manager in January 2010.

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About Author

Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to Morningstar.ca on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.

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