Ex-Hedge Fund Board Chief Out At IMF

Nov 17 2011 | 11:55am ET

The former head of the Hedge Fund Standards Board has stepped down from his top post at the International Monetary Fund.

Antonio Borges resigned as head of the IMF's European department for personal reasons, the fund said. But his exit, after just a year, comes a month after Borges voiced—and quickly retracted—a suggestion that the IMF buy up sovereign debt on the private market as a way to ease the Eurozone debt crisis.

Borges who, according to IMF chief  Christine Lagarde, "led the European department during an extremely difficult period for the region's Eurozone members," named Reza Moghadam to succeed him. Moghadam is currently director of strategy, policy and review for the IMF.

Borges was the first chairman of the HFSB, Europe's voluntary industry watchdog, leading the group for two years.

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