Whitney George was named senior portfolio manager at Sprott Asset Management, the company announced Monday.
Mr. George was co-director of investments and senior portfolio manager at Royce & Associates along with Charles Royce. Mr. Royce remains CEO of the firm.
Sprott is based in Toronto; Mr. George will be based in New York, said a news release from Sprott. Glen Williams, firm spokesman, could not be reached for further details.
Two of the strategies Mr. George managed at Royce, the $190 million Royce Focus Trust, a multicap closed-end fund, and the $65 million Royce Privet hedge fund, will be moved to Sprott pending investor and regulatory approval. Mr. George will remain portfolio manager of the two strategies at Royce pending that approval, said Dave Gruber, Royce principal, in an interview.
Royce shuffled its mutual fund manager lineup as a result of Mr. George’s departure. Mr. Royce will continue to manage the $6 billion Royce Premier Fund, which he co-managed with Mr. George, said Mr. Gruber. James P. Stoeffel, assistant portfolio manager, will become portfolio manager of the $914 million Royce Low-Priced Stock Fund and David A. Nadel, assistant portfolio manager and director of international research, will become co-portfolio manager of the $190 million Royce Global Value Fund with portfolio managers Steven G. McBoyle, James J. Harvey and Dilip Badlani.