BMA Agrees to Buy Jones & Babson: Business Men's Assurance Co. of America said it reached an agreement to purchase Jones & Babson Inc., a mutual fund company that manages about $1.7 billion. Terms weren't disclosed. BMA, a member of the Generali Group of insurance companies based in Italy, expects the transaction to close in about four months. The purchase requires regulatory and shareholder approval. Jones & Babson, based in Kansas City, manages 19 mutual funds, including the Babson Fund Group and the United Missouri Bank Fund Groups.