June 12 (Bloomberg) -- The Alternative Investment Management Association, a lobbying organization that represents more than 1,300 hedge-fund firms, said Andrew Baker plans to step down as chief executive officer by the end of the year.
AIMA is in the process of identifying a successor, the London-based group said in a statement today. Baker, 56, has been CEO since 2009.
Baker plans to leave as European regulators implement the Alternative Investment Fund Management Directive, which lays out disclosure and fundraising requirements for hedge funds across the region. The industry successfully watered down earlier proposals that would have restricted hedge-fund leverage and implemented higher hurdles to raising money in Europe.
Baker said he is looking forward to “future challenges,” according to the statement. An AIMA spokesman, Christen Thomson, said Baker wasn’t available to discuss what he plans to do next.
Baker will stay on as CEO until his successor is appointed, according to the statement.
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