Frank E. Holmes

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Frank Holmes at U.S. Global Investors headquarters in 2020

Frank Edward Holmes is a Canadian-American investor, venture capitalist and philanthropist. He is CEO and chief investment officer of U.S. Global Investors, a publicly traded investment company based in San Antonio, Texas, that oversees more than $4 billion in assets. He is known for his expertise in gold and precious metals and launching investment products in specialized industries. Holmes also serves as the executive chairman of HIVE Blockchain Technologies, a publicly traded cryptocurrency mining company based in Vancouver.^[1]

Personal life and early career[]

Holmes was born to a middle-class family in the inner city of Toronto, Canada. His guardian father was an Anglican priest, and his mother was a nurse and social worker. The oldest of seven siblings, Holmes enjoyed boxing and playing basketball as a teenager and attended Jarvis Collegiate.

He attended Huron University College at the University of Western Ontario and graduated in 1978 with a bachelor’s degree in economics. Holmes got a job as a research analyst and then worked his way up to the trading desk at Merit Investment Corporation, a Toronto-based brokerage firm. Holmes was eventually named executive vice president and director. During that time, his first initial public offering (IPO) to work on was Franco-Nevada Corporation, the first gold royalty and streaming company.^[2] Holmes also became involved in the Canadian venture capital space. In 1983, Holmes passed the examination of Canadian Investment Finance by the Canadian Securities Institute.

At age 34, Holmes purchased a controlling interest in U.S. Global Investors in 1989 and subsequently moved his family to San Antonio, TX. Holmes became an American citizen over 30 years later in 2021. He calls himself a “Tex-Can,” a citizen of both Texas and Canada.

Business career[]

U.S. Global Investors[]

Prior to Holmes’ involvement, U.S. Global Investors, then known as United Services Advisors, was rocked by a scandal^[3] involving one of the firm’s fund managers, who was found to be taking bribes from stock promoters. Both the manager and the promoters were convicted of criminal charges for their roles in the case. The United States Securities and Exchange Commission (SEC) discovered that the president of United Services knew of the illegal behavior before he disclosed it to the commission. In 1989, United Services Advisors was put up for sale at auction and won by Holmes for $2.2 million, or $4 a share.

The company was rebranded to U.S. Global Investors and regained its reputation. The company, which offers 10 different funds, is now highly profitable, according to regulatory filings^[4] for the quarter ended December 31, 2020. Holmes owns 100% of the voting shares of U.S. Global Investors.

Frank Holmes visiting the New York Stock Exchange in April 2015.

As chief investment officer since 1999, Holmes oversees an investment team whose mutual funds have won more than two dozen Lipper Fund Awards and certificates since 2000. He led the company into the exchange-traded fund (ETF) space in 2015.

In 2006, Holmes was named Mining Fund Manager of the Year by The Mining Journal,^[5] a London-based publication for the global natural resources industry, and in 2011, he was named a U.S. Metals and Mining “TopGun” by Brendan Wood International.

Holmes became an elected member of the Young Presidents’ Organization (YPO) in 1991^[6] and served as chairman of the San Antonio chapter from 1997 to 1998.

HIVE Blockchain Technologies[]

In 2017, U.S. Global Investors, and Frank Holmes personally, made a strategic investment^[7] in HIVE Blockchain Technologies, the first publicly traded Canadian blockchain infrastructure company.^[8] Holmes was appointed non-executive chairman of the board and currently serves as interim CEO and executive chairman.

Board appointments[]

Holmes has served on the board of various companies and has held leadership positions in a wide range of sectors:

Endeavour Financial Corp – Chairman from October 2005 to November 2008.^[9]

Meridian Global Gold & Resources Fund Ltd – Director from December 2003 to November 2017.

GoldSpot Discoveries – Chairman of the Board and Director from February 2019 to May 2020.^[10]

Thunderbird Entertainment – Served on the Board from June 2014 to February 2021.^[11]

Media presence[]

Holmes is a regulator commentator on Bloomberg Radio, CNBC Asia, Fox Business TV and other financial networks. He appears regularly on Kitco News, a gold-focused news outlet. Holmes also appears on Stansberry Research, Palisade Radio and MarketWatch programs.

Holmes’ CEO blog "Frank Talk" launched in 2007. Holmes is the co-author of the book The Goldwatcher: Demystifying Gold Investing (2008: John Wiley & Sons).

Philanthropy[]

Holmes was Chairman of the San Antonio chapter of the American Heart Association in 1991. That same year, Holmes served on the Investment Committee of the Texas State Treasury.

Holmes also served on former President Bill Clinton’s President Circle, Investment Committee and Development Committee for the International Crisis Group in 2007. Holmes was named International Citizen of the Year in 2009 by the World Affairs Councils of America chapter in San Antonio.^[12] President Clinton spoke at the event honoring Holmes and his contributions to the local community.

Holmes serves on the board of trustees of Rise Recovery,^[13] a San Antonio-based organization that helps teens and families overcome addiction to drugs and alcohol.

Holmes is a strong supporter of the University of Texas at San Antonio (UTSA) men’s basketball program and was recognized for outstanding support in 2003.

In memory of his mother, a proponent of education, Holmes established the Sheila Holmes Scholarship Fund for inner city children who achieved high levels of reading comprehension.

In 1993, Holmes established the Paul K. Robertson scholarship for the children and grandchildren of U.S. Global Investors’ employees, in memory of a beloved employee.

In 2021, Holmes joined the Huron University College Board of Governors.^[14] Huron is an affiliated University College of the University of Western Ontario, Holmes' alma mater. Each year, the Frank Holmes Academic Athlete Scholarships^[15] are available to one male and one female student and is renewable for one year. The endowment has grown to nearly $1 million since its inception in 2018.