Progress Investment Management's senior management will buy back the firm from Columbia Management Group, the money management arm of FleetBoston Financial that merged with Bank of America on April 1. Terms of the Progress buyback were not disclosed. The sale, which is expected to be completed over the next 30 to 60 days, will re-establish Progress' majority ownership by minorities. An undisclosed partner will take a minority stake in the firm, which runs $3.8 billion in multimanager programs. Colchester Partners advised Progress management; Columbia did not have an outside adviser.