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Dennis Mitchell returns to Bay Street with new role at Sprott

Popular Market Call guest Dennis Mitchell is returning to Bay Street with a new role at Sprott Asset Management.

Mitchell will serve as a Senior Vice-President and Senior Portfolio Manager once the regulatory approvals are in place. He returns to the money management business after Sentry Investments abruptly parted ways with him about two months ago. He had worked at Sentry for 10 years, most recently as Chief Investment Officer. The reason for his departure was never disclosed by the firm. Mitchell tells Michael Hainsworth on The Business News that he's looking forward to the new opportunity.

"I enjoyed managing people, but my passion is managing money," he says. "I'm extremely excited about what we're going to accomplish at Sprott."

Mitchell would not say exactly which funds he will be managing at Sprott or when they will hit the market, but he did say that he won't be managing anything outside of his expertise in real estate, infrastructure and global equities. He also highlights that he will have more of a direct stake in the performance of Sprott given that it is a publicly-traded company and he was awarded shares as part of his compensation. Sentry, on the other hand, is a private firm.

"I am a shareholder [in Sprott] and it's a material amount of my net worth," he says.

At Sentry, Mitchell managed funds with more than $2-billion in assets and oversaw more than $18-billion in total assets. In addition to his role as CIO, he was lead manager for the Sentry Global Growth and Income Fund/Class and Co-Manager of Sentry Global Balanced Income Fund.

Sprott is an alternative asset manager and offers products that include mutual funds, hedge fund offerings and physical bullion trusts.

"Dennis is a well-known portfolio manager with deep experience managing global equity, infrastructure and REIT funds," John Wilson, CEO and Co-Chief Investment Officer of Sprott, said in a statement. "We look forward to expanding our product offerings in these core categories and introducing our clients to Dennis's proven and differentiated investment approach."

With files from The Globe and Mail CTV Two CTV News CTV News Channel BNN - Business News Network CP24