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HFSB Names Borges New Chairman
The HFSB, which formed in January, consists of 14 leading hedge funds, mostly based in London.
June 26, 2008
The Hedge Fund Standards Board, set up to monitor conformity to hedge funds best practice standards, has appointed Antonio Borges as its first permanent chairman.
Borges, 59, who retired in February as a vice-chairman at Goldman Sachs after eight years with the bank, will assume the new post Tuesday. He is also chairman of the European Corporate Governance Institute.
“Hedge funds have become a critical part of the financial system both because of their size and influence and because they are at the forefront of financial innovation,” said Borges. “It is very important that managers adhere to standards that give confidence to investors, financial regulators and the wider public.”
Borges has held various positions throughout his career, including the position of dean at European business school INSEAD for seven years. He is a board member at several companies including Citibank Portugal, Petrogal and Paribas, and formerly was a consultant to the US Treasury Department.
The HFSB, which formed in January, consists of 14 leading hedge funds, mostly based in London, and is led by Andrew Large, a former deputy governor of the Bank of England. The group was started by the Hedge Fund Working Group, which issued a best practice standards report that month.
Speaking to Borges’ appointment, Large stated, “He will be able to broaden support for the process among other hedge fund managers, work with the US to harmonize standards and liaise with the financial regulators and official bodies such as the Financial Stability Forum, which are following this initiative closely.”
Additionally, HFSB announced 12 trustee appointments including Peter Clarke, chief executive of Man Group, Russell Read, former CIO at CalPERS, and Nicolas Moreau, chairman at AXA Investment Managers.
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