Matthew Fink, president of the Investment Company Institute, made an obvious reference to a recent filing by the Jacob Internet Fund during the ICI’s conference call on mutual fund reforms Thursday.

Saying that ICI does not want fund boards to classify uncles or other relatives on fund boards as "independent," Fink said that one fund manager had done just that, clearly referring to a filing by Ryan Jacob.

In an Oct. 23 filing with the Securities and Exchange Commission, the Jacob Internet Fund said it has reclassified Leonard S. Jacob, Jacob’s uncle, as an "interested," not an "independent," member of the board. The fund said it had made the change as a result of the ICI’s recent best practices.

Meanwhile, as headlines on the fund scandal continued, the ICI’s conference call Thursday called for three measures to prevent market timing.

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