Ex-Goldman Sachs vice-chairman to lead hedge funds standards group
The Hedge Funds Standards Board has appointed its first chairman from the ranks of notable subprime escapologist Goldman Sachs
LONDON – The new Hedge Funds Standards Board, set up in January to monitor best practice standards in the hedge funds industry, has announced the appointment of its new chair: Antonio Borges, a former vice-president at US investment bank Goldman Sachs.
The body, created in response to January’s recommendations by Sir Andrew Large and a working group of 14 hedge funds, includes a UK pension fund manager and one Asian sovereign wealth fund among its 13 full-time members.
Borges, who departed Goldman in February, will assume his new role from July 1, replacing an interim body composed of hedge fund representatives, Christopher Fawcett, chairman of the Alternative Investment Management Association, and Large.
Borges said: “Hedge funds have become a critical part of the financial system both because of their size and influence, and because they are at the forefront of financial innovation. It is very important that managers adhere to standards that give confidence to investors, financial regulators and the wider public.”
Goldman Sachs, one of the oldest and largest investment banks, has been an exception to the rule in recent months, continuing to make profits – lately announcing a second-quarter profit of $2 billion – and escaping with limited subprime exposure, outweighed by a healthy performance in other investments.
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