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.