Ten more managers sign up to Hedge Fund Standards Board practices

Date: Monday, October 20, 2008
Author: Hedgeweek.com

The Hedge Fund Standards Board has signed up 10 more hedge fund managers to its standards of best practice and says that including the board's 14 original members, its signatories now account for around half of all hedge fund assets under management in Europe.

The new signatories are Arrowgrass Capital Partners, BlackRock Investment Management UK, Concordia Advisors (Bermuda), GLC, Montrica Investment Management, New Star Asset Management, Otus Capital Management, Proxima Alfa Investments, Ruby Capital Partners and Sabre Fund Management.

'We are delighted to announce this first batch of new signatories,' says the board's chairman Antonio Borges. 'Discussions are taking place with many other hedge fund managers and we expect to announce further support for the standards in due course.

'At a time when the activities of hedge funds are under such intense scrutiny, it is more important than ever that the industry demonstrates it is living up to its responsibilities by adhering to the best practice standards.'

The Hedge Fund Standards Board was formed in January to take forward the work begun by the Hedge Fund Working Group, whose report on best practice standards for hedge fund managers was published that month and which is available at www.hfsb.org.

Borges was formerly vice-chairman and a managing director of Goldman Sachs International in Europe between 2000 and 2008, having previously been vice-governor of Banco de Portugal, the country's central bank, from 1990 to 1993, and then dean of French business school Insead.

The other trustees are Man Group chief executive Peter Clarke, FRM chief executive Paul Dunning, Alternative Investment Management Association chairman and Fauchier Partners chief executive Christopher Fawcett, Hermes Fund Managers director of manager selection and hedge funds Kathryn Graham, CQS chief executive Michael Hintze, GIC London office president and advisor Anthony Lim, Marshall Wace chairman Paul Marshall, Axa Investment Managers chairman Nicolas Moreau, former CalPERS chief investment officer and now C Change Investments chief executive Russell Read, Sloane Robinson chief financial officer George Robinson, GLG co-chief executive Manny Roman and Albourne Partners managing director Simon Ruddick.