Orbitex, Saratoga to Merge
October 14, 2002
Orbitex Group of Funds plans to sell all of its assets to Saratoga Capital Manage-ment in return for a 50% interest in a new company known as Orbitex-Saratoga Asset Management, according to an SEC filing.
The merger will double the size of Orbitex and broaden its range of product offerings. In addition, Orbitex said that the larger complex "should appeal to a broader class of institutional and retail investors." And, in selling the idea to shareholders, who must approve the proposal, Orbitex said the larger firm "should enhance our ability to market the funds, lower overall expenses and increase fund assets."
Officials at Orbitex could not be reached at press time for further details.