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Alternative Market Briefing

HFSB to launch new Toolbox to complement standard-setting activities

Tuesday, April 01, 2014

Benedicte Gravrand, Opalesque Geneva:

To those starting a new fund, the Hedge Fund Standards Board (HFSB) recommends tackling potential conflicts of interest between managers, the hedge funds that they manage and investors in those hedge funds through appropriate governance mechanism and oversight, that is, establishing a fund governing body of independent directors. The directors should of course be qualified and experienced, and the body and the governance process in place should be monitored and adjusted too.

The Hedge Fund Standards "make further recommendations on how often the fund governing body should meet (face-to-face, preferably quarterly) and what issues should be included in the board agendas," according to the Board’s March newsletter. "They can include approval of accounts, investment performance review, performance of third party service providers, review of risk management procedures, etc."

The full list of potential agenda items will be made available through the HFSB Toolbox on the HFSB website. This new Toolbox, which the HFSB is launching next month, is intended to be an additional aid, particularly for hedge funds, to complement the HFSB’s standard-setting activities.

Eight new managers and one managed accounts platform have just become signatories at the HFSB, and two investors joined t......................

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