Wealth Bulletin- In January, 14 of the UK’s largest hedge funds, including Man Group, Brevan Howard and Gartmore, backed the Hedge Fund Working Group’s best-practice standards.

These aim to improve governance and disclosure and to promote transparent and independent valuation.

Six months on, however, only one, unnamed, hedge fund beyond the 14 working group members, has signed up to the code.

Sir Andrew Large, chairman of the working group, believes it is unrealistic to expect hedge funds to sign up immediately.

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Reuters- Antonio Borges, a former senior banker at Goldman Sachs, has been appointed chairman of the Hedge Fund Standards Board (HFSB), the custodian of the voluntary standards scheme devised by leading members of the sector.

Borges, vice chairman of Goldman Sachs International until February and a former dean of the European business school Insead and vice governor of Banco de Portugal, will assume the role on July 1.

The HFSB will oversee the code of practice devised by the Hedge Fund Working Group, which comprised 14 leading hedge fund executives mainly based in London and was led by Andrew Large, a former deputy governor of the Bank of England.

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