Pasovschi To Head New Orbitex Retirement Services Unit

April 22, 2002 ( - Orbitex Financial Services Group, Inc., has consolidated several units and brought them under new management for the firm.

The firm has combined its record-keeping, trust, broker-dealer, and registered investment advisory services to form Orbitex Retirement Services, Inc., a group that will be headed by Radu Pasovschi.

Pasovschi was most recently Chief Operating Officer at retirement services provider GoldK, a position he left in January after two years with the firm. Prior to that he held positions at Putnam Investments, where he worked in the defined contribution, defined benefit and retail products groups and at PricewaterhouseCoopers, where he was a senior manager.

Orbitex Financial Services Group, Inc., has over $12 billion in assets under management and administration and provides clients with a range of investment management, asset distribution and asset servicing capabilities.