Hedge fund administration firm, ifina, has launched an umbrella platform along with BarclaysWealth, Solomon Harris, Baker Tilly and MF Global, HFMWeek reports. The Primary Development Fund will allow new and emerging managers to establish Cayman fund vehicles for less than the usual cost.

The client funds will become ring-fenced s                       ub funds of the main umbrella vehicle. ifina will be fund administrator, while BarclaysWealth will be in charge of corporate banking, MFGlobal will be broker, Baker Tilly will provide auditing services and Solomon Harris will be legal counsel, adds Hedge Week.

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