Shearman & Sterling represented the underwriters, led by Morgan Stanley and RBC Capital Markets, in connection with Sprott Physical Silver Trust's initial public offering of Units in the United States and Canada. Gross proceeds from the offering were $575 million.

Sprott Physical Silver Trust was created to invest and hold substantially all its assets in physical silver bullion. It aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical silver bullion without the inconvenience that is typical of a direct investment in physical silver bullion.

The following Shearman & Sterling team advised the underwriters in the transaction: partners Larry Crouch (Menlo Park-Tax), Adam Hakki (New York-Litigation), Abigail Arms (Washington, DC-Capital Markets), Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory), and Paul S. Schreiber (New York-Asset Management); counsel Charles S. Gittleman (New York-Financial Institutions Advisory & Financial Regulatory), and Azad Ali (London-Finance); associates Hugo Sin (Toronto-Capital Markets), Tina Li (Toronto-Capital Markets), Steven Blau (New York-Financial Institutions Advisory & Financial Regulatory), Michael Blankenship (New York-Financial Institutions Advisory & Financial Regulatory), Anil Kalia (Menlo Park-Tax), Eileen O'Pray (Menlo Park-Tax), Patrick Murdoch (New York-Litigation) and James Brilliant (London-Finance); and legal assistant Lynne N. Johnson.