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Representative Richard Baker to head Managed Funds Association

The Managed Funds Association, the primary US trade association for the hedge fund industry, has announced that Richard H Baker, currently a Republican congressman from Louisiana, will join the association as its new president and chief executive.

Baker succeeds John G Gaine, who will move into a special advisor role and undertake the expansion of MFA's global outreach with regulators, policy makers and market participants worldwide.

Baker, who has represented Louisiana's sixth congressional district in the US House of Representatives since 1986, is a leading voice in Congress on financial services and capital markets issues and has been a senior member of the House Financial Services Committee, where he has championed safety and soundness in financial industry regulations.

'We are extremely pleased that Congressman Baker has agreed to lead the Managed Funds Association,' says the organisation's chairman Eric Vincent, MFA's chairman. 'Richard has extensive knowledge of and broad experience with financial services issues, including those affecting the alternative investment industry.

'His expertise in this area, coupled with his deep understanding of the impact of policy making on US capital markets, investment advisers and investors, make him the ideal leader for our industry. We thank Jack Gaine for his ten years as president of the MFA and are pleased he will continue to serve as a special adviser.'

Adds Baker: '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 financial system. I have come to appreciate greatly the vital role played by the alternative investment industry in our economy and the importance of its continued success to the competitiveness of our capital markets.'

The association, whose members include professionals in the management of hedge funds, funds of funds and managed futures funds, was established in 1991 and acts as a source of information for policymakers and the media as well as an advocate for sound business practices and industry growth. The MFA is headquartered in Washington, DC, with an office in New York.

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