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A-Team Insight Blogs

Hedge Fund Standards Board Launches Drive into the US and Asia

The Hedge Fund Standards Board (HFSB) is launching an international drive to sign up more hedge fund managers in the US and Asia now that most leading European managers have become signatories.

The HFSB, which brings together investors and managers to promote high standards of practice in the industry, will also be seeking to bring more US investors on board.

As part of this process, the HFSB is consulting on a series of amendments to make the Standards more relevant internationally and to strengthen them in the light of the financial crisis.

Dame Amelia Fawcett, Chairman of the HFSB, said: “The Standards are now widely accepted in the European market and most of the leading hedge fund managers in the UK and Continental Europe have become signatories. Investors are now telling us that they would like to see wider adoption of the Standards by managers in the US and Asian markets.”

The Government of Singapore Investment Corporation, BT Pension Scheme Management, Caisse de dépôt et placement du Québec, Future Fund, Australia and New Holland Capital are among the leading investors represented on the HFSB Board of Trustees.

Tom Dunn, Managing Principal, New Holland Capital, advisor to a large investor in US hedge funds, said: “We would welcome the reassurance that would come from knowing that US managers were conforming to the good practice laid out in the HFSB Standards.”

Peter Koffler, Managing Director, Blackstone Alternative Asset Management, which is a member of the HFSB Investor Chapter, said: “We would generally expect managers in the US to meet these Standards and support the HFSB’s initiative to include more US and Asia-based managers.”

The proposed changes to the Standards are laid out in Consultation Paper* published today. In addition to internationalising the Standards, the Consultation Paper proposes changes to strengthen disclosure and risk management practices. The consultation will run until 28th October 2011.

Launched in 2008, the Standards set out good practice for managers and are constantly reviewed by international investors and managers in the light of experience. Nearly 60 hedge fund managers accounting for US$215bn of assets under management are signatories and nearly 50 of the leading international investors in hedge funds support the initiative.

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