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Bart Jerszynski

Managing Director and Equity Research Analyst at RBC Capital Markets

Bart Jerszynski is a Managing Director and Equity Research Analyst at RBC Capital Markets, specializing in the metals and mining sector with a focus on precious metals and resource companies. He covers firms such as Sprott Inc., providing equity research and analysis on their financial performance and market outlook. Jerszynski has built a career in equity research at RBC Capital Markets, though specific previous firms and start dates are not publicly detailed in available sources. His professional credentials include standard registrations as a senior Wall Street analyst, enabling him to issue investment recommendations on covered companies.

Bart Jerszynski's questions to SPROTT (SII) leadership

Question · Q4 2025

Bart Jerszynski asked about the assumed run rate for the net compensation ratio and for more detail on the 'AUM and liquidity begets AUM and liquidity' concept, particularly regarding institutional allocation.

Answer

Kevin Hibbert, CFO of Sprott Inc., stated that while they don't provide forward-looking guidance, the net compensation ratio is driven by revenue growth with limited torque to cash compensation. He suggested flattening the current ratio and adjusting it with future net revenues. John Ciampaglia, CEO of Sprott Asset Management, explained that AUM and liquidity create a flywheel effect by meeting distributor AUM thresholds for shelf placement and increasing institutional comfort for larger positions, leading to tighter bid-ask spreads. He cited the Uranium Trust as an example of a multi-billion dollar fund attracting significant institutional ownership.

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Question · Q4 2025

Bart Jerszynski asked about the assumed run rate for Sprott's net compensation ratio, noting its decline from 45% last year to 40% this year and even lower in Q4. He also requested more elaboration on the concept of 'AUM and liquidity begets AUM and liquidity' and further color on the institutional allocation and momentum Sprott is observing.

Answer

Kevin Hibbert, CFO of Sprott Inc., stated that Sprott does not provide forward-looking information but advised that the current net compensation ratio could be flattened throughout the year and toggled down commensurate with future net revenue growth, as there isn't significant torque to the cash compensation side relative to net revenue growth. John Ciampaglia, CEO of Sprott Asset Management, explained that 'AUM and liquidity begets AUM and liquidity' from two perspectives: product shelf placement (distributors require AUM thresholds) and institutional investor comfort (larger funds allow for larger positions). He noted that larger funds lead to tighter bid-ask spreads and create a flywheel effect, citing the Uranium Trust as an example with high institutional ownership, attracting bigger institutions as it grows.

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