AMG Completes Its Investment in Friess Associates.Business/Technology Editors BOSTON--(BUSINESS WIRE)--Oct. 31, 2001 Affiliated Managers Group, Inc. (NYSE NYSE See: New York Stock Exchange : AMG AMG All Music Guide (music website) AMG All Media Guide (group of media websites) AMG All Movie Guide (Movie website) AMG Arzneimittelgesetz (German Law) ) announced today that it has completed its previously announced investment in Friess Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Friess Associates"). Friess Associates is a growth equity investment management firm with approximately $6.3 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . The firm is the advisor to the highly regarded Brandywine family of no-load mutual funds No-load mutual fund An open-end investment company whose shares are sold without a sales charge. There can be other distribution charges, however, such as Article 12B-1 fees. A true no-load fund has neither a sales charge nor a distribution fee. and also advises separate accounts for charitable foundations, major corporations and high net worth individuals. Friess Associates employs a fundamentally-driven approach to investing in growth equities, with a focus on stocks that trade at reasonable price-to-earnings ratios. Friess Associates was founded in 1974 and operates through offices in Delaware, Wyoming and Arizona. Friess Associates' current management team, including its founder, Foster Friess, Chief Investment Officer, Bill D'Alonzo, and senior investment professionals Jon Fenn and John Ragard, will continue to oversee the operations of the firm. AMG has acquired a 51% interest in Friess Associates for approximately $241 million and has agreed to acquire an additional 19% interest in three years. The remaining equity ownership of the firm is held by a broad group of Friess Associates professionals. AMG is an asset management company that addresses the succession and transition issues facing the principals of growing mid-sized investment management firms. AMG's strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates. AMG's innovative transaction structure allows individual members of each Affiliate's management team to retain or receive significant direct ownership in their firm while maintaining operating autonomy. In addition, AMG provides centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for AMG's investment in Friess Associates, AMG's affiliated investment management firms managed approximately $71 billion in assets as of September 30, 2001 (not including AMG's pending investment in Welch & Forbes). Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , competition for acquisitions of interests in investment management firms, the ability to complete pending acquisitions, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG's filings with the Securities and Exchange Commission. Reference is hereby made to the "Cautionary Statements" set forth in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000. For more information on Affiliated Managers Group, Inc., please visit AMG's Web site at www.amg.com. |
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