Despite heightened awareness within the fund industry and increased scrutiny by the SEC of fund trustee independence, three newly-registered funds have, in recent months, placed individuals whose independence might be questioned, on their boards.

In September, famed portfolio manager Ryan Jacob, former manager of The Internet Fund, registered a new fund, the Jacob Internet Fund. Jacob, now founder and CEO of his own firm, Jacob Asset Management in New York, was named as the new fund board's chairman. Among the board's four independent trustees is Leonard S. Jacob, a medical doctor who is also Ryan Jacob's uncle.

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