The two appointments strengthen international representation on the board at a time when the international standard setting body is increasing its presence in North America and Asia.

“We are delighted to add two such distinguished members of the alternative investment community to the board,” said Amelia Fawcett, chairman of the HFSB. “It sends a powerful signal about the importance the hedge fund industry and investor community attach to our mission to expand in the US and Asia Pacific.”

Buchan is the current CEO of California-based Paamco, which she founded in 2002. The firm has been one of the leaders calling for transparency and disclosure of positions by managers to their investors.

“The HFSB has an important role to play in reinforcing standards of good practice in the US hedge fund industry,” Buchan said, adding that she hoped to strengthen the HFSB’s traction in North America.

PAG, formerly Pacific Alliance Group, is an alternative investment managers in Asia covering private equity, real estate and absolute return funds. Gradel is managing partner and chief investment officer of PAG’s absolute return business.

“The HFSB presents a unique collaboration between investors, managers and regulators. I believe this approach can play an increasingly important role in driving up standards of good practice in Asia as well as elsewhere in the world,” Gradel said.

The HFSB has significantly increased the number of US and Asian managers signing up to the standards over the past year, according to the body.

Together with managers from Canada, the North American members now account for 40% of the HFSB’s 121 signatories while support among investors and hedge fund managers in Asia is also growing. Assets under management of all HFSB signatories now total more than $600bn.