More Change For Wall Street Trade Group

The Democratic gains Nov. 4 appear to be driving the latest change at Wall Street’s top trade group.

Richard Hunt is stepping down as senior managing director of government affairs the Securities Industry and Financial Markets Association, according to an internal e-mail obtained by Politico.

Hunt spent more than a decade in the office of Rep. Jim McCrery (R-La.), ranking GOP member of the powerful Ways and Means Committee who is retiring at the end of the year.

President-elect Barack Obama’s victory of the White House, and the larger margins in the House and Senate Democrats secured on Election Day make Republican lobbyists a much less valuable commodity on K Street. Individual firms and trade groups alike will need to shift their lobbying strategies to focus on Democrats more than ever.

Hunt will become a “strategic consultant to SIFMA on a long term basis effective November 15, 2008,” the e-mail from SIFMA President and CEO Tim Ryan said.

“I have thoroughly enjoyed working with SIFMA’s 600 plus membership to foster a competitive environment for our industry and investors,” Hunter is quoted as saying in the e-mail. “Having worked with Tim [Ryan] and Michael [Paese] during SIFMA’s transition, I look forward to continuing our relationship,” Hunt said, apparently referring to SIFMA’s recent reduction in staff.

Paese, who most recently served as deputy staff director for House Financial Services Chairman Barney Frank (D-Mass.), has been leading SIFMA’s Washington, D.C., office since August.

There’s no plan at this point to replace Hunt, SIFMA spokesman Travis Larson said.