The Managed Funds Association is moving to form alliances with regional hedge fund groups, starting with the Mid-Atlantic Hedge Fund Association.The decision comes as MFA is trying to promote growth in the hedge fund industry. Other regional alliances will be announced shortly, according to MFA President and CEO Richard Baker.“We are pleased to announce this important new initiative to collaborate with regional hedge fund associations toward a common goal,— the former Louisiana Republican Congressman said in a statement.“The affiliate associations will join MFA in a cooperative effort to ensure that all participants in the alternative investment industry work together to maintain a robust and healthy industry, across all regions, committed to market disciplines, professional conduct and client services,— he added.