Ospraie Management's middle and back office services team, Ospraie Services Group, has set up an independent business, HFMWeek reports. The new business is focused on providing middle and back office services to Ospraie and other alternative investment managers.

The new entity, ParkRiver Fund Solutions, aims to provide third party validation at various hedge funds. ParkRiver will offer services, including financial reporting, fund accounting, investor relations, marketing support and legal and regulatory services.

Click here for the story from HFMWeek.