The Hedge Fund Standards Board (HFSB) is strengthening US representation on its board with the appointment of Dan Stern, the co-founder and co-chief executive of Reservoir Capital Group, the New York-based fund manager, as a trustee.
This follows a significant increase in the number of US managers signing up over the past year. Together with managers from Canada, they now account for one third of the HFSB’s 95 signatories. Assets under management of all HFSB signatories now total more than USD475bn.
Dame Amelia Fawcett, chairman of the HFSB, says: “We are delighted to welcome such an experienced figure from the US industry to our board. The HFSB started life as a European initiative but Dan’s appointment will give us a broader representation at a time that support for the Standards in the all-important North American market is steadily increasing.
“I am particularly pleased at the growing commitment among the investor community in the US and Canada. This is critical in encouraging managers in both the US and Asia to sign up to the Standards.”
Almost half of the HFSB’s investor supporters are now North American and they make up the single biggest regional group.
Stern (pictured) says: “The great strength of the HFSB is that it is not only a standard-setter but it also brings together investors and managers to pool their knowledge and expertise and share their concerns. I believe it has an important role to play in reinforcing standards of good practice in the US hedge fund industry.”
Stern worked for 30 years in the hedge fund industry. Before Reservoir he was co-founder and president of Ziff Brothers Investments.
Other recent new signatories from the US include III Associates, Luxor Capital Group, BlueMountain Capital Management and Cerberus Capital Management. Recent new signatories from Canada include Hexavest and Montrusco Bolton Investments.