Source: The Canadian Press

Sprott Inc. (TSX: SII), a Toronto-based asset management and investment funds company, reports its first quarter net profit fell to $5.9 million or four cents a share from $7.4 million or five cents last year.

Assets under management rose to $5.2 billion from $4.7 billion, the company said Wednesday.

“During the first quarter of 2010, we continued to focus on broadening our fund lineup through the introduction of innovative new products,” Eric Sprott, CEO of Sprott Inc., said ahead of the company’s annual meeting in Toronto

“In the first three months of the year, we successfully launched two new funds: the Sprott Physical Gold Trust and the Sprott 2010 Flow-Through Limited Partnership. Together, these funds have increased our assets under management by more than $400 million.”

In trading on the TSX, Sprott shares rose 20 cents to $4.20, a gain of 5%.