Hedge Funds Standards Board Signs Ten New Funds

by Phillip Morton, Investors Offshore.com

15 October 2008

The Hedge Fund Standards Board (HFSB) has signed up ten new hedge fund managers to its standards of best practice, it was announced last week.

The new signatories are: Arrowgrass Capital Partners LLP, BlackRock Investment Management UK Ltd, Concordia Advisors (Bermuda) Ltd, GLC Ltd, Montrica Investment Management LLP, New Star Asset Management, Otus Capital Management LP, Proxima Alfa Investments SGIIC SA, Ruby Capital Partners LLP, and Sabre Fund Management Ltd.

Including the 14 original members of the HFSB, managers accounting for about half of all hedge fund assets under management in Europe have now committed themselves to conforming with the HFSB best practice standards.

Antonio Borges, chairman of the HFSB, said:

“We are delighted to announce this first batch of new signatories. Discussions are taking place with many other hedge fund managers and we expect to announce further support for the standards in due course.

“At a time when the activities of hedge funds are under such intense scrutiny, it is more important than ever that the industry demonstrates it is living up to its responsibilities by adhering to the best practice standards.”

The HFSB was formed in January 2008 to take forward the work started by the Hedge Fund Working Group (HFWG), a group of leading hedge funds based mainly in London, whose report on best practice standards was published that month.

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