The Alternative Investment Management Association, the global hedge fund industry group grappling with controversies such as the European Union's regulatory moves against the sector as well as by changes in other jurisdictions, has announced the imminent departure of its chief executive.

Before the end of 2013, Andrew Baker will be handing over the CEO role to his successor, whom AIMA is still in the process of identifying. The group did not say whether the hire would be made internally or externally.

Baker has been CEO since 2009. Prior to that, he served as deputy CEO for two years. The separation is amicable and Baker will stay on until his replacement has started.

One of the most high-profile controversies of recent years has been the European Union's move to enact the Alternative Investment Fund Managers Directive, a measure that some have feared could raise protectionist barriers against hedge funds managed from outside the EU, such as in Asia and the Americas.