M* Covers AMG's Sale of Friess
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Friday, June 28, 2013

M* Covers AMG's Sale of Friess

The Brandywine mutual funds will soon be no more, and Friess Associates' [profile] employees are retaking control of their shop.

Earlier this month, MFWire reported that serial acquirer Affiliated Managers Group (AMG [profile]) is making its second divestment by sealing a deal to transfer its indirect majority ownership interest in Friess to Friess management. Yesterday Morningstar reported on the deal in the "Fund Times" column.

M* notes that the deal will make Friess into "a 100% employee-owned firm" and that the three existing Brandywine funds' assets will be transferred into three AMG Managers Trust mutual funds. The mutual fund ratings specialists also reminded readers of the original price AMG paid in 2001: $241 million in cash for 51 percent of Friess (followed by a purchase of 19 percent more three years later).

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