Richard H. Baker will step down from his roles as president and CEO of the Managed Funds Association, effective Dec. 31, he announced Wednesday.
Mr. Baker, who has led the MFA, a Washington-based organization that focuses on lobbying, education and communication about hedge funds, since 2007, said in a speech to the Exchequer Club of Washington D.C., that the organization has seen a lot of change during his tenure.
"The financial crisis dominated my first year at MFA," Mr. Baker said. "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."
Under Mr. Baker's leadership, MFA's membership has increased three-fold and its staff and annual operating budget has doubled, according to a news release. In addition to its advocacy on U.S. federal policy, MFA is now active across Europe and beyond.
"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," Mr. Baker said. "Importantly, institutional investors continue to partner with our member firms to help meet their unique investment goals."
Previously, Mr. Baker served 15 years in the Louisiana's state legislature and more than two decades as a member of the U.S. House of Representatives.
"Under Richard's steady hand, 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," said Michael Harris, president of Campbell & Co. and chair of the MFA board of directors. "His many tireless efforts and those of his team have had a material, positive impact on MFA member firms — many times over. MFA and our industry are stronger and better off today because of his many years of dedicated service."
MFA's board will begin a process to select Mr. Baker's successor.