MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, October 11, 2002 Two Families Are Set for Merger Orbitex Management will hand off all of its fund assets to Saratoga Capital Management in exchange for a 50 percent interest in Saratoga Capital. The firms revealed the deal in a SEC filing last week. The deal merges the Orbitex funds with the Saratoga Advantage Trust while other Orbitex units are not affected. Orbitex Distribution Company and Saratoga will jointly market the funds under the agreement. New York and Zurich-based Orbitex Management oversees The Orbitex Group of Funds and is a unit of Orbitex Financial. The latter is the parent entity of all the existing companies carrying the Orbitex name. Orbitex has focused much of its recent efforts on building a distribution platform for use by investment advisors and other third parties. It also created a retirement unit to focus on 401(k) plan distribution. Those businesses are not affected by this sale. Saratoga Advantage Trust is comprised of 12 sub-advised funds. The consolidation is expected to effectively double the size of the Orbitex Funds and provide for a more diverse group of funds, according to Orbitex. Saratoga is based in Garden City, New York. The Board of Trustees of the Orbitex Group of Funds and the Board of Directors of the Orbitex Life Sciences & Biotechnology Fund has unanimously approved these proposals, according to the October 3 filing. Printed from: MFWire.com/story.asp?s=3696 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |