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Bill Fries is portfolio manager and managing director for Thornburg Investment… more
The story of Bill Fries's entree into Thornburg Investment Management in 1995 is the stuff of legends — much like a lot about the firm.
]]>According to founder and chairman Garrett Thornburg, the firm placed a "help wanted" ad the size of a postage stamp in the Wall Street Journal and received about 500 applicants. Fries was one of those applicants, but it wasn't until he was skiing in Taos and stopped in at what was a much smaller office on Santa Fe's Galisteo Street that his role at the investment firm became a reality.
Bill Fries is portfolio manager and managing director for Thornburg Investment… more
"He was working at United Services Automobile Association in San Antonio, Texas, at the time and he had a lot of experience in the business. He'd done everything from international to domestic to growth funds — just a tremendous amount of experience — so we were worried about how he would fit into with this crew. There were only about a dozen of us at that time and we wondered how he was going to fit in, coming from this huge organization," he said. "We shouldn't have been so worried because he stopped by while skiing in Taos, met Dawn Fischer [his first partner] and she later said, 'You have to meet this guy — I'd trust him with my money,' which said a lot."
We recently asked Fries, who serves as portfolio manager and managing director at the firm, about what drew him to Thornburg, why he continues to trade at a time in his life when most have retired and what his advice is for young people entering the workforce.
How did you get into the financial world in the first place?
I got into finance after my eighth grade teacher explained how to calculate compound interest and what it was. My dad, who was a schoolteacher, dreamed that I would be an architect. … I ended up working in sales, a couple of banks and then USAA trading.
What drew you to Thornburg Investment Management in the first place?
Part of the appeal was that it was an established name and reputation in the industry. For me, when I read the ad to my wife, we thought it was a good fit for me. I then sent my letter and resume. When I started on April 21, 1995, Thornburg was a bond shop and I started the equities side of the business. I came to Thornburg after 20 years with USAA.
What have you learned during your time at Thornburg? How has the industry changed?
I didn't know how ambitious and energetic Brian [McMahon, CEO of Thornburg] and Garrett were. … I learned a lot about how to really devote your energy to make something a success. I had mutual funds that I managed at USAA and managing was the same at Thornburg, but it taps into a different distribution channel.
As for changes, there's a lot more product choice today — especially on the sell side — as well as a broad expansion of derivatives. You see real estate investment trusts (REITs) and exchange-traded funds (ETFs). The product offerings at Thornburg, too, are greater. When I first came onboard, we had $2 billion in fixed income and now we have $15 billion.
After so many years, what keeps you from retiring?
I like making money and I think it's a good service to other people. I tell young people, if you want to choose what you do, choose something you like. It's been good for me to stay at Thornburg because if I weren't doing this here, I'd probably be doing it somewhere else. It's been a fabulous success and its my pleasure to be part of it.
Thornburg: It would be tough to bootstrap a company like ours today
Santa Fe's quietly hidden $60 billion Wall Street
REDW Stanley CIO: 'A robo-adviser can't talk someone off the ledge'
How Chinese stock market implosion's impacting Thornburg decisions
Source: Joy of trading — and making money — keeps Thornburg's Fries in the game
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