Vali Nasr joined Orbitex Management as CFO. Mr. Nasr was most recently CFO and COO at the Investment Advisory Network, a portfolio administration software development firm. He replaces Kimberly Ratz, who assumed duties of controller and will focus on assimilating into the company the acquisitions management intends to make in the next three years, said Richard Stierwalt, CEO. Mr. Stierwalt said Orbitex has a bid out now to acquire a hedge fund administration firm, which he did not identify. The company is also seeking to acquire a hedge fund distributor and an administration firm that can provide turn-key administration for wrap programs used by financial intermediaries. The company is also shopping for both individual mutual funds and mutual fund managers with assets between $1 billion and $3 billion, Mr. Stierwalt said, in anticipation of floating an IPO in the next three years.