Liberty Funds Group of Boston has completed its year-long integration of its subsidiaries, Colonial Management Associates of Boston and Stein Roe Mutual Funds of Chicago.

Integration has meant coordinating business planning, marketing, distribution and administrative functions and has included consolidating the trasfer agency, fund accounting and equity trading functions of the two companies, the company said. However, investments at Colonial and Stein Roe, which are respectively known as growth and value firms, will continue to be separate, the company said.

As part of the integration, Liberty has appointed Philip Fragasso to serve as managing director for marketing for all of Liberty's brands and distribution channels. This is a new position at Liberty. Fragasso was formerly with Sun Life of Canada.

In addition, Liberty has hired Nicholas S. Norton, formerly of Scudder Kemper Investments of Boston, to head a new, integrated telephone customer service center in Denver, Colo.

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