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Rating:Monumental Sale Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, June 11, 2001

Monumental Sale

Reported by Tamiko Toland

Monument Funds will become part of the Orbitex fold next February. The Bethesda firm had already handed over fund marketing and distribution and investment management; an outright sale had been a probability, if not a certainty. The Genomics Fund, never seeded, and EuroNet Fund, subadvised by Financiere Rembrandt, are not included in the sale.

Why buy the hard-hit funds?

"What it does is really enhances our product lineup," said Paula DiLaurentis, senior vice president of marketing and product development at Orbitex. "For instance, we really are a specialty funds player. When you look at the Monument funds, they are even more specialty oriented."

According to DiLaurentis, David Kugler, president and ceo of Monument, will not join the Orbitex team and is currently exploring other endeavors. Officals at Monument were not available for comment in time for this article.

Orbitex is in the process of taking over Monument's backoffice operations; subsidiary Circle Trust will take over custory from PNC and subsidiary American Data Services will take over fund accounting, transfer agency, and other backoffice operations from PFPC.

Related story:
  • Monument Taps Sub Advisor as Assets Fall, 05/11/2001
  • Monument Seeks Partners, 03/27/2001
  • Monument Continues To Focus On New Economy, 10/18/1999
  • Monument to Split Internet Fund, 10/13/1999
  • Monument Hires New Sales Head, 09/15/1999
  • Monument Fund Drooling over Jacob's Departure, 06/29/1999
  • Monument Erects Sector Fund, 05/25/1999 

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