Liberty Financial Cos. Inc., Boston, signed a definitive agreement to purchase Newport Pacific Management, San Francisco.
Newport specializes in Asian markets investment. It has about $650 million under management, $500 million of which is in the Newport Tiger mutual fund. Terms were not disclosed.
The deal is subject to board and shareholder approval. John M. Mussey, chairman of Newport Pacific, will remain on board.
William Rice, a Liberty spokesman, said the purchase allows Newport to take advantage of Liberty's distribution network. Liberty gets international investment capabilities.