Friess on Sale
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Thursday, November 01, 2001

Friess on Sale

Affiliated Managers Group is picking up Friess Associates for $6 million less than it first announced. AMG announced that it has completed the deal for the advisor to the Brandywine and Brandywine Blue fund for $241 million. That falls short of the $247 value for the deal when it was first announced in August. Spokespersons were unavailable for comment for this story.

It is likely that the difference in price stems from a loss of assets under management at Friess. The firm managed nearly $7 billion in August. That number has fallen to $6.3 billion today.

AMG purchased a 51 percent interest in Friess Associates and has agreed to acquire an additional 19 percent interest in three years. The remaining equity ownership of the firm is held by a broad group of Friess Associates professionals, according to a statement.

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