Affiliated Managers Group Inc. said Tuesday that it has completed the previously announced purchase of an additional 19% interest in Friess Associates LLC from the firm's founder and chairman, Foster Friess, as originally agreed Oct. 31, 2001.
The purchase increased the Boston asset management company's stake in Friess Associates to 70%. The remaining equity ownership is held by a broad group of Friess Associates professionals.
Friess is the adviser to the Brandywine family of no-load mutual funds; it also advises separate portfolios for charitable foundations, major corporations, and high-net-worth investors. Friess manages growth equity portfolios with a discipline that focuses on companies whose earnings are typically growing by at least 20% per year and whose stocks sell at reasonable price-to-earnings ratios.
Friess Associates' management team is led by chief executive officer and chief investment officer Bill D'Alonzo.
