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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