After almost 30 years on his own, fund manager Foster Friess said yesterday that he had agreed to sell about half of his firm for $247 million.
Friess, who runs Friess Associates Inc., best known for its Brandywine Fund, said he sold a 51 percent stake in his firm to Affiliated Managers Group Inc., a Boston asset-management company.
Friess, who is in his early 60s, had been searching for a partner since early this year because of his estate-planning needs. He also sought a way to give his employees ownership in the firm. Some had left in recent years for companies that offered equity stakes. Friess Associates is based in Greenville, Del., but has offices in Wyoming and Arizona.