Compensation for independent mutual fund directors increased an average of nine percent last year with median pay at larger fund complexes at $66,000, according to a survey by Management Practice, a fund consulting firm in New York.

The report showed that for the first time since Management Practice began conducting the annual survey seven years ago, compensation for independent directors rose at a faster rate than the number of funds which the directors govern, said C. Meyrick Payne, a senior partner at the firm. While compensation was up nine percent, the number of funds increased 5.7 percent, Management Practice said.

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