Borges to Guide Hedge-Fund Rules

The new chairman of a London-based hedge-fund trade group, seeking to tackle the industry's secretive image, faces a tough task: persuading fund managers to comply with voluntary standards.

The Hedge Fund Standards Board said Antonio Borges, a former Goldman Sachs executive, will become chairman in July. The organization, initially called the Hedge Fund Working Group, was set up last year to fend off calls by European politicians for greater regulation and to combat criticism that the industry is too opaque.