Sometimes, you have to let the chicks out of the nest.
just reported in its Stork & Reaper section
that Affiliated Managers Group
] has entered into a definitive transfer agreement with Friess Associates
] in which AMG will transfer its indirect majority ownership interest in the Friess Companies to Friess' management team.
According to the SEC
filing, "upon closing, the Friess Transaction will ensure the Friess Companiesí continuing operational autonomy going forward; and preserve the Friess Companiesí independent character, including their focus on the interests of their clients.
Friess manages the Brandywine
funds, which as a result of the transaction, will be reorganized
into series of the Managers Trust I
The boutique was founded by Foster Friess
, who funds a variety of conservative causes.
This is not the first time that an AMG boutique has left the nest. Back in October 2012, MFWire reported
on another AMG boutique that gained its freedom, Essex Investment Management Company
. Essex bought back a 51 percent stake from AMG to achieve 100 percent ownership.†
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