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.
Virginia Retirement System, Richmond, with about $31.5 billion in assets, terminated two domestic equity managers and brought the money in-house.
VRS terminated Ardsley Partners for performance reasons and reallocated the $250 million midcap growth portfolio to international equities and fixed income as part of a rebalancing from U.S. equities. Ardsley Partners did not return a call requesting comment.
Delaware Investment Advisers, which ran a $300 million large-cap value portfolio, was terminated because its philosophy no longer fit in with VRS' investment strategy. However, the firm is being considered for a concentrated stock portfolio, running across different strategies, said Robert F. Hill Jr., director of equity.