Career
After graduating from college, Foster trained to be an infantry platoon leader and served as the intelligence officer for the First Guided Missile Brigade, 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 launched their own investment management firm, Friess Associates, LLC. Although success came slowly in its early years, the firm grew to over $15.7 billion in assets managed. Forbes named the Brandywine Fund, a Friess Associates flagship that boasted an average of 20% annual gains in the 1990s, as one of the decade's top performers.
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%.
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