Liberty Financial Cos. continued its acquisition spree Wednesday, announcing that it has agreed to buy a San Francisco pension fund management company that oversees $2.5 billion of assets.

The deal for Progress Investment Management Co., which specializes in state and corporate pension fund management through subadvisers, comes on the heels of Liberty's $150 million deal last month to buy Crabbe Huson Group, Portland, Ore., which manages $5.3 billion of assets.

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