Orbitex Management of New York, investment adviser to the Orbitex Group of Funds, has announced the merger of the American Diversified Global Value Fund into the Orbitex Growth Fund.

Orbitex had been serving as interim investment adviser to the American Diversifed fund since May 5. Diversified Global Value Fund shareholders voted to approve the reorganization of the fund into the Orbitex Growth Fund on Sept. 10. The newly-merged fund has about $7 million in assets under management, said Richard Begun, portfolio manager of the Orbitex Growth Fund.

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