Former congressman from Louisiana led hedge fund industry group through the Great Recession

Baker

Richard Baker will step down as CEO of the Managed Funds Association at the end of the year, the $21 million-revenue group announced Wednesday.

Baker has led MFA since 2008. He previously spent 21 years in the U.S. House of Representatives as a Republican lawmaker representing Louisiana's 6th District.

Baker joined the association at the start of the financial crisis and led the hedge fund industry group through the financial reforms that came afterward, including the creation of the Dodd-Frank Act. In a statement, the CEO said he has been "proud to lead an exceptional team which, without fanfare, effectively advances the interests of our members and their investors."

"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 said. "Importantly, institutional investors continue to partner with our member firms to help meet their unique investment goals."

Michael Harris, chair of MFA's board of directors, said that under Baker "MFA has become the industry's authoritative voice on policy and the premier platform for peer-to-peer networking and operational, legal and compliance training."

Baker earned more than $2.5 million, according to the latest available tax records.

MFA's board plans to launch a process to choose Baker's successor.