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Managers Buy Former Liberty Mutual Unit

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NU Online News Service, June 1, 2004, 4:52 p.m. EDT – Company managers have completed previously announced plans to acquire Progress Investment Management Company, San Francisco, from a unit of Bank of America Corp., Charlotte, N.C.[@@]

The price of the deal was not available.

Progress Investment specializes in working with small money management firms to create multi-manager investment funds. The firm was founded in 1990 and now manages $3.8 billion bonds, public stock and private stock. Institutional clients include the New York City Employees’ Retirement Fund and the California Public Retirement System.

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From 1998 to 2001, Progress Investment was a unit of Liberty Mutual Insurance Company, Boston.

Progress Investment notes that the management buyout makes Progress Investment one of the largest minority-owned U.S. money managers.