Head of top hedge fund association to step down

Former House lawmaker Richard Baker, who has led the Managed Funds Association (MFA) for more than a decade, announced Wednesday that he will step down at the end of the year.

MFA, which represents the hedge fund industry, said its board will soon begin the process of selecting Baker’s successor. The former Louisiana Republican served in the House from 1987 to 2008 before joining MFA.

{mosads}“The financial crisis dominated my first year at MFA. It also set the stage for a sweeping revamp of our financial regulatory structure. From the first meetings about the Dodd-Frank Act until now, I have been proud to lead an exceptional team which, without fanfare, effectively advances the interests of our members and their investors,” Baker said in a speech announcing his retirement.

“While my tenure at MFA is coming to an end, I remain bullish on the hedge fund industry, which is as transparent and thoroughly regulated as it has ever been,” he added.

While in Congress, Baker was a member of the House Financial Services Committee and chaired the Subcommittee on Capital Markets for more than a decade.

He is among a dwindling number of former lawmakers at the helm of trade associations. Some of his peers include James Greenwood (R-Pa.), CEO of the Biotechnology Innovation Organization, and Calvin M. Dooley (D-Calif.), CEO of the American Chemistry Council.

MFA recently hired Mark Epley, who was general counsel to former Speaker Paul Ryan (R-Wis.). Epley started as executive vice president and general counsel of MFA on Feb. 19.