Liberty Financial Cos. has completed its merger with the Colonial Group, creating one of the largest distributors of investment products and services through banks.

Boston-based Liberty paid $310 million for Colonial, which is one of the biggest suppliers of mutual funds to financial institutions.

Liberty serves banks through Keyport Life Insurance Co., an annuity company, and Liberty Bank Group, an investment products marketing firm.

The combined operation will have a roughly 50-50 split between annuities and mutual funds, a balance that will help Liberty serve consumers at various stages of their lives, Liberty officials said.

Liberty has already moved to consolidate some operations by merging its five Liberty Financial Trust funds into Colonial mutual funds with similar investment objectives.

Colonial is expected to retain its Boston offices and operate as an autonomous unit of Liberty.

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