This is pretty much the same question as No room for a new \mathgroup, with the difference that the proposed solutions do not work when using the beamer class.
The code:
\documentclass{beamer}
\usepackage{pxfonts}
\usepackage{bm}
\begin{document}
\begin{frame}
$\frac{1}{2}$
\end{frame}
\end{document}
gives a no room for a new \mathgroup error.
Is this solvable?