Canada-based Sprott Asset Management has signed a sub-advisory agreement with Bridging Finance to run the Sprott Bridging Income Fund.
The fund seeks a minimum yield of 6.5% per annum by investing in factoring and asset-backed loans that have a low correlation to traditional asset classes.
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In addition, the fund will provide debt capital to middle-market Canadian and US companies that are unable to access traditional financing sources.
John Wilson, CEO of Sprott, said: "The Bridging Finance team has proven expertise in factoring, a specialized type of commercial lending that provides improved cash flow to businesses with credit-worthy receivables. This new offering will both expand our product lineup and enhance our established lending platform."
David Sharpe, president and COO of Bridging Finance, said: "We are excited to work with them to introduce this product to investors seeking consistent yield and stable income, which can be difficult to attain, particularly in a low-interest rate environment."
Peter Loach, executive vice president of product development at Sprott, said: "The investment fund landscape continues to quickly evolve along with the needs and sophistication of investors."
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By GlobalDataSprott Asset Management manages assets primarily for institutions, endowments and high net worth individuals, while Bridging Finance is a private investment management firm providing middle-market Canadian companies with alternatives to the financing options offered by traditional lenders.
