Liberty Financial agreed to purchase Progress Investment Management, a manager-of-managers focused on emerging, minority-owned and women-owned firms.
Terms were not disclosed. But on June 11, Liberty agreed to pay $147.5 million for Crabbe Huson Group, an investment manager. Crabbe Huson manages about $5.3 billion, while Progress manages about $2.5 billion.
Progress is 80% owned by co-founders Edwin Callan, chairman of Callan Associates, and Marx Cazenave, chief executive of Progress. The other 20% is held by employees of Progress. Under Liberty, Progress will keep its name. Mr. Cazenave will continue as CEO.