RIP Foster Friess, Co-Founder of Friess Associates
Posted on 06/02/2021
Foster Stephen Friess was born on April 2, 1940 in Rice Lake, Wisconsin. Friess died on May 27, 2021 in Scottsdale, Arizona. Foster Friess trained to be an infantry platoon leader and served as the intelligence officer for the 1st Guided Missile Brigade at Fort Bliss, Texas. In 1964, he began his investment career, joining the Brittingham family-controlled NYSE member firm in Wilmington, Delaware, where he eventually rose to the position of Director of Research.
In 1974, Friess and his wife Lynn launched their own investment management firm, Friess Associates, LLC. At the end of 1985, Friess Associates launched Brandywine Fund to handle smaller investments from family, friends and others drawn to the firm’s research-driven approach. Brandywine Blue Fund followed in 1991.
In 2001, Friess Associates partnered with Affiliated Managers Group (AMG), an asset-management firm, to facilitate succession planning and to spread ownership among its partners. AMG acquired a majority interest in Friess Associates in October 2001 and held a 70% interest as of September 2011. A broad group of Friess partners, including senior management and researchers, held 20% equity ownership, while the Friess family retained 10%. Friess Associates was purchased by its employees in 2013, thus returning it to private ownership.
