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Hedge Fund Standards Board targets 100 members as more managers sign up

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The Hedge Funds Standards Board is aiming to pass the milestone of 100 members by the end of this year after the addition of 13 more managers brought the total to 45 at the end of last

The Hedge Funds Standards Board is aiming to pass the milestone of 100 members by the end of this year after the addition of 13 more managers brought the total to 45 at the end of last month.

Odey, Jupiter and The Children’s Investment Fund were among the latest batch of new signatories announced by the HFSB, which has been criticised in recent months for the apparent reluctance of hedge fund managers to sign up to the board’s voluntary code of practice.

The other new signatories are: Algert Coldiron Investors, Armajaro Asset Management, Claritas Investments, GSA Capital Partners, Horizon21 Active Alpha, Martin Currie Investment Management, Matterhorn Investment Management, Macro Investment Business (M&G Investment Management), Northwood Capital and Volteq Capital.

HFSB chairman Antonio Borges (pictured), who was formerly vice chairman and managing director of Goldman Sachs International in Europe, says: ‘In the current climate it is essential that the hedge fund industry demonstrates to regulators and policymakers that it is adhering to the highest standards by ensuring there are safeguards in place that would make a Madoff-type scandal very unlikely.

‘The HFSB standards provide comfort to investors and we are grateful for the encouragement we have had from the Financial Stability Forum and the Financial Services Authority for the HFSB approach.’

Borges told Reuters last week that the board wants to have as many as 100 signatories from the UK’s 400 to 450 hedge fund managers by the end of the year. The board reported that 33 firms had signed up by the end of last year.

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