Is the new Morgan Stanley program a harbinger?

Morgan Stanley has launched LiquidFunds, a program that aims to make it easier for clients to invest in hedge funds. Initially, 15 hedge fund managers will be featured in the program, which will let investors make transactions on a weekly basis. Also, the funds have all agreed to investment guidelines, and common corporate governance standards. The funds will also be required to provide standardized daily risk reports. Morgan Stanley hopes to qualify more hedge fund managers soon. Eventually, it would like to offer up to 70, according to this article on the Institutional Investor website. LiquidFunds is basically an SMA-like platform for hedge funds. Funds can be marketed independently of the platform and can choose from an array of prime brokers and other service providers. It's a good idea, to bring some consistency to the process of buying funds. We'll see if it takes off.