Funds News

Hedge fund group, U.S. Rep. Baker discuss CEO post

WASHINGTON, Jan 14 (Reuters) - The $2-trillion hedge fund industry’s main lobbying group was talking with U.S. Rep. Richard Baker about possibly naming him as its president, a spokeswoman for the lawmaker said on Monday.

The Louisiana Republican has disclosed to the ethics committee of the House of Representatives that he is negotiating for the job at the Managed Funds Association.

“As of Monday, no decision has been made,” said Megan Bel, spokeswoman for Baker, a key lawmaker for years on the House Financial Services Committee, which oversees hedge funds.

Eric Vincent, chairman of the Managed Funds Association, confirmed that talks with Baker, 59, are under way.

He said the association was searching for a successor to Jack Gaine, president of the association since 1997. He “will assume a senior role and will undertake the expansion of MFA’s global outreach with regulators worldwide,” Vincent said.

Baker would have to resign from Congress to take the job. He has represented his district in central Louisiana, including the state capital of Baton Rouge, for more than 20 years.

If he leaves, he would be the latest of at least 18 Republican House lawmakers to resign or announce their retirements in this Congress, compared to six Democrats. The Republicans last year lost control of the House at the polls. (Reporting by Kevin Drawbaugh, editing by Carol Bishopric)