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Orbitex Purchases Asset Management Firm

Orbitex Financial Services Group of New York, parent to the investment adviser of the Orbitex Group of Funds, has acquired Clarke Lanzen Skalla Investment of Omaha, Neb., the company announced.

CLS, founded in 1989, is an independent fee-based asset management firm with about $1 billion in assets under management. The firm's product line includes asset allocation wrap accounts and its own CLS AdvisorOne mutual funds. Terms of the agreement were not disclosed.

Orbitex recently purchased American Data Services, a mutual fund service provider. Earlier this year, Orbitex also assumed the investment advisory role for two individual mutual funds which were merged into the Orbitex Focus 30 Fund and the Orbitex Growth Fund. In July, the firm opened the Orbitex Health & Biotechnology Fund.