Profile: Richard Baker

The former US congressman and now head of the Managed Funds Association talks to Credit about how the hedge fund industry can bounce back from a tough 2008

In the wake of the financial crisis, calls for more and better financial regulation are growing too loud to ignore, and the hedge fund industry has not escaped scrutiny. But the key to its future, believes Richard Baker, head of the Managed Funds Association, the Washington, DC-based industry body, is to preserve the ability of individual funds to fail.

Recent history is against him: the collapse of hedge fund Long-Term Capital Management in 1998 has been much on the minds of regulators. But

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