Jane Buchan, the founder of Pacific Alternative Asset Management Company (PAAMCO), and Chris Gradel, a founder of PAG in Asia, have joined the board of the Hedge Fund Standards Board (HFSB).
The two appointments strengthen international representation on the HFSB board at a time when the international standard setting body is increasing its presence in North America and Asia.
Amelia Fawcett, chairman of the HFSB, says: “We are delighted to add two such distinguished members of the alternative investment community to the board. It sends a powerful signal about the importance the hedge fund industry and investor community attach to our mission to expand in the US and Asia Pacific.”
PAAMCO, based in California, was started in 2000 by Buchan. It has been at the forefront of moves to encourage transparency and disclosure of positions by managers to their investors.
Buchan (pictured) says: “The HFSB has an important role to play in reinforcing standards of good practice in the US hedge fund industry and I look forward to helping build on the traction the HFSB has already gained in the North American market.”
PAG, formerly Pacific Alliance Group, is one of the largest alternative investment managers in Asia covering private equity, real estate and absolute return funds.
Gradel says: “The HFSB presents a unique collaboration between investors, managers and regulators. I believe this approach can play an increasingly important role in driving up standards of good practice in Asia as well as elsewhere in the world.”
The HFSB has significantly increased the number of US and Asian managers signing up to the Standards over the past year. Together with managers from Canada, the North American members now account for 40 per cent of the HFSB’s 121 signatories whilst support among investors and hedge fund managers in Asia is also growing. Assets under management of all HFSB signatories now total more than USD600 billion.
Over 60 major international investors, including pension and endowment funds as well as sovereign wealth funds, are now members of the HFSB Investor Chapter, supporting the adoption of the standards internationally.
Recent new signatories from the US to the Hedge Fund Standards include Tolis Advisers, Magnetar Financial, Halcyon Asset Management and Masters Capital Management, and Gavea Investimentos (Brazil).
The newly joined members of the HFSB Investor Chapter are Finland’s Varma Mutual Pension Insurance Company, Ilmarinen Mutual Pension Insurance Company, Elo Mutual Pension Insurance Company and the UK’s Universities Superannuation Scheme and Royal Mail Pension Fund.