BOSTON -- Liberty Financial agreed to purchase Progress Investment Management, San Francisco, a manager-of-managers focused on emerging, minority- 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, and Mr. Cazenave will continue as CEO. Boards for both companies have approved the deal, which is expected to close this quarter.