The main lobbying group in Washington for the $2 trillion hedge fund industry named a Louisiana congressman as its new president and chief executive on Tuesday. Rep. Richard Baker, a Republican, will have to resign from Congress, where he has served for almost 22 years, to take the job as head of the Managed Funds Association. Baker said in a statement that he has "come to appreciate greatly the vital role played by the alternative investment industry in our economy." Association Chairman Eric Vincent said, "We are extremely pleased that Congressman Baker has agreed to lead Managed Funds Association." Baker...