Progress Investment Timeline

1990 Progress is co-founded by Marx Cazenave and Ed Callan, pioneering the first Emerging Manager of Managers Fund. Pacific Telesis, General Electric Corporation and State of Maryland are the first clients investing a total of $55 million in two funds, Progress’ flagship large cap commingled fund, The Common Trust and a core bond fund, The Fixed Trust. Both strategies remain in existence today. In conjunction with the launch of the firm, Progress compiles the first Emerging Manager Database, a comprehensive resource that has since grown from 200 firms to over 2,800 firms and over 4,000 strategies followed today.

1991 Progress introduces Separate Account Management as a product option to the institutional marketplace. Under this structure, clients can now customize their Emerging Manager of Managers portfolios across a wide spectrum of criteria and asset classes. Separate account vehicles remain a significant part of the Progress product platform today.

1992 Progress hosts its first Plan Sponsor and Emerging Manager Conference for clients, their consultants and funded managers at GE’s corporate learning center in Crotonville, NY. This event has become a cornerstone of Progress’ commitment to thought leadership, intellectual capital and shared best practices and is still held regularly today.

1993 Progress, committed to corporate citizenship through charitable giving, establishes its first philanthropic partnership with a donor-advised fund managed by the San Francisco Foundation. Progress launches its third commingled fund product, the small cap Capital Appreciation Trust (CAT) Fund.

1994 Progress passes $1 billion in assets under management.

1995 Progress launches the first Emerging Manager international strategy with its fourth commingled fund product, the Non-U.S. Fund. Progress, in partnership with Brinson Partners (now Adams Street Partners) raises its first private equity fund, the Progress Alternative Investment Program (AIP), a fund-of-funds strategy with an emphasis on minority-owned GPs and portfolio companies.

1997 Progress launches its fifth commingled fund product, the Mid Cap Fund. Progress passes $2 billion in assets under management.

1998 As a testament to its value, Progress is acquired by Liberty Financial Companies (NYSE:L). Through this partnership Progress seeks to unlock additional company value by garnering an enhanced distribution platform for its emerging manager products. With this acquisition, firm co-founder Ed Callan retires from an active role with Progress.

1999 Progress passes $3 billion in assets under management.

2000 Progress/Highcrest Partners, (a joint venture) is selected as one of two partners in the first-of-its-kind CalPERS Manager Development Program (MDP). In this role, the partnership identifies and makes direct investments into emerging firms on behalf of CalPERS.

2001 Co-Founder Marx Cazenave appoints Thurman White, then Managing Director, President of Progress.
Progress passes $ 4 billion in assets under management.
Before the full value of Progress’ partnership with Liberty Financial Companies can be realized, FleetBoston Financial (NYSE:FBF) acquires Liberty Financial Companies (NYSE:L).

2002 Co-founder Marx Cazenave retires as Chairman and CEO of Progress.

2004 Riding the merger and acquisition wave, Bank of America (NYSE:BAC) plans to acquire Progress’ new parent, FleetBoston Financial (NYSE:FBF). The Progress Management Team, Led by Thurman White and a strategic client partner, execute a management buyback returning Progress to its legacy of an independent, employee-owned, minority-owned firm.

2005 Progress passes $5 billion in assets under management.
Moving Day! After 15 years, Progress relocates its headquarters, acquiring more space for the growing firm.

2006 Consistent with its plans as an independent company, Progress offers equity ownership broadly throughout the firm. Ownership grows from the original six employee partners, who invested at the time of the buyback, to 25 employee owners following the offering.
Progress, in conjunction with the 21st Century Foundation, creates the Progress Investment Charitable Fund, allocating a portion of the firm’s profits for grant making in an effort to positively impact the lives of children and families in economically challenged communities across the country. Progress’ giving is focused on public education, financial literacy, the arts and healthcare.

2007 Progress crosses $6 billion in assets under management.

2008 Progress acquires outside investor’s minority equity interest, returning Progress to its legacy as an independent, 100% employee-owned firm.
Progress crosses $7 billion in assets under management.

2009 Progress enters the Foundation and Endowment market in a significant way by developing the first of its kind emerging manager partnership with 8th largest foundation in the country.

2010

2012 Progress’ CEO Thurman White publishes a book entitled “Twenty – Then, Now, Next” where he shared his perspectives on the benefits of long-term strategic thinking combined with effective team-building to achieve successful growth.

2013 In its continuous effort to expand the range of diversified, multi-asset investment solutions that are aligned with clients’ investment objectives, Progress launches emerging hedge fund strategies for institutional investors.

2014 Progress passes $8.4 billion in assets under management.

2015

2017 As part of Progress’ executive leadership succession planning, Mona Williams is appointed as Progress’ President.