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He described the trustees as "tougher minded" people who could not easily be intimidated by executives of the fund management company.
Two senior executives of the fund resigned after the move, which was approved by seven of nine board members over the objections of Ms. Denish and Phillip J. Hogue, whom Mr. Daniels hand-picked to build his philanthropic legacy.
Currently, most funds are overseen by a board composed of both independents and executives of the fund adviser for example, billionaire Edward C. Johnson III serves as both chairman and chief executive of Fidelity and chairs the board that oversees Fidelity funds.
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Mr. Hahn was named chief executive of the fund, which is being started by Chadwick Saylor & Co.
Mr. Ractliffe, who was chief executive of the fund from 1995 to 1999, said he received three stones from the model.
Henry Herrmann, chief executive of the fund management firm Waddell & Reed, pointed out that many of the headwinds have been blowing for a long while.
Henry J. Herrmann, chief executive of the fund management firm Waddell & Reed, questioned whether investors would "want to be jumping into the equity market at this juncture".
Last week a senior executive of the fund suggested that the former prime minister had made representations to Gaddafi on behalf of JP Morgan.
It noted that under current law a former executive of the fund's adviser can serve as an independent director two years after retiring.
Over dinner on Wednesday in Vienna with a small group of business people and investors, Kirill Dmitriev, an alumnus of Goldman Sachs and McKinsey & Company who is chief executive of the fund, gave details of how it would be structured.
"One of the clearest messages coming out of this survey is that any kind of green shoots of recovery are very slow to get to the nonprofit sector," said Clara Miller, chief executive of the fund.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com