The London-based Hedge Fund Standards Board has appointed Antonio Borges, a former vice-chairman of Goldman Sachs and dean of French business school Insead, as its first permanent chairman
The London-based Hedge Fund Standards Board has appointed Antonio Borges, a former vice-chairman of Goldman Sachs and dean of French business school Insead, as its first permanent chairman.
A permanent board of trustees for the organisation has also been announced that includes hedge fund investors such as executives from a sovereign wealth fund, a UK pension fund manager and funds of funds alongside hedge fund managers.
Borges was vice-chairman and a managing director of Goldman Sachs in Europe from 2000-to 2008, having previously been dean of Insead for seven years from 1993 and vice-governor of Banco de Portugal, the country’s central bank from 1990 to 1993). He is currently chairman of the European Corporate Governance Institute and holds various other non-executive positions.
Sir Andrew Large, who headed the initiative involving 14 mostly London-based hedge fund managers to produce best practice standards, says: ‘With his exceptional international experience and knowledge of the financial sector, Antonio is ideally positioned to take this to the next stage.
‘He will be able to broaden support for the process among other hedge fund managers, work with the US to harmonise standards and liaise with financial regulators and official bodies such as the Financial Stability Forum, which are following this initiative closely.’
Says Borges: ‘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. It is very important that managers adhere to standards that give confidence to investors, financial regulators and the wider public. I look forward to working with my fellow trustees on the to promote these standards.’
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 Anthony Lim, President of the London office, Marshall Wace chairman Paul Marshall, Axa Investment Managers chairman Nicolas Moreau, former CalPERS chief investment officer Russell Read, Sloane Robinson founding partner George Robinson, GLG co-chief executive Manny Roman and Albourne Partners managing director Simon Ruddick.
The Hedge Fund Standards Board was formed in January to take forward the work started by the Hedge Fund Working Group, whose report on best practice standards was published that month. The group had been set up the previous July to address issues raised about financial stability by the G8 and the Financial Stability Forum as well as other concerns about the hedge fund industry.
