António Borges, the former vice chairman of Goldman Sachs International, who was recently named chairman of the U.K.-based Hedge Fund Standards Board, faces a changed world. When the board’s precursor, the Hedge Fund Working Group, was formed in July 2007 by 14 hedge fund executives, the $2 trillion industry was facing heightened regulatory and political scrutiny amid fears that hedge funds’ use of leverage would spark the next great financial crisis. By drawing up a voluntary code of conduct, the industry hoped to head off a crackdown. The irony, of course, is that the crisis originated not with unregulated hedge funds but with highly regulated banks. “The industry as a whole is emerging as a more solid and robust component of the markets than many people had initially anticipated,” says Borges, 58. In his new job, he will aim to get pension funds, insurance companies and other investors to ask their hedge fund managers to comply with the new code, which includes guidelines on transparency, valuation and disclosure. ‘‘Ultimately, as asset allocators they are the ones in charge.”