Wednesday, 29 June 2016
Last updated 43 min ago
Jan 15 2008 | 11:15am ET
The Managed Funds Association has got its man, as Rep. Richard Baker (R-La.) has agreed to join the hedge fund lobby as its new president and CEO.
Baker, who will resign from Congress by Feb. 6 after almost 22 years, disclosed that he was discussing the post with the MFA on Jan. 4. He succeeds John Gaine, who has led the MFA for more than a decade, and who will remain with the group in a “special adviser role,” focusing on the MFA’s global outreach with regulators, policy makers and market participants around the world.
“During my tenure [in the House of Representatives], it was a privilege to have served on the House Financial Services Committee and to work with my colleagues to ensure the health of our nation’s financial system,” Baker said. “I have come to appreciate greatly the vital vole played by the alternative investment industry in our economy and the importance of its continued success to the competitiveness of our nation’s capital markets.”
Baker, first elected to Congress from the Baton Rouge area in 1986, is the former chairman of the House subcommittee on capital markets, insurance and government-sponsored entities, a role in which he was noted for his efforts to reform mortgage finance giants Fannie Mae and Freddie Mac. Hedge funds have not been a focus of Baker in Congress, though he introduced an unsuccessful bill seeking increased disclosure for hedge funds in 1999.
“Richard has extensive knowledge of and broad experience with financial services issues, including those affecting the alternative investment industry,” Eric Vincent, chairman of the MFA, said. “His expertise in this area, coupled with his deep understanding of the impact of policy-making on U.S. capital markets, investment advisers and investors, making him the ideal leader for our industry.”