"I'm really pleased that the chairman and board of directors have shown their faith in me by asking me to continue as manager, " said Parry, whose backroom staff is still to be finalised.

BBC: One-year deal for Tranmere Rovers boss Les Parry

In a recent study in the Journal of Financial Economics, they report that the more directors on a board are appointed by the fund manager, and the more they get paid, the more likely they are to approve higher fees.

ECONOMIST: Mutual funds

Also joining the Administration officials were Actor Chaske Spencer from the Twilight series, Nike N7 General Manager Sam McCracken and Nike N7 Fund Board of Directors Ernie Stevens, as well as National Congress of American Indians Board Secretary Matthew Wesaw, Wisconsin Department of Public Instruction Consultant for Health and Physical Education John W. Hisgen, and Menominee Tribal Chairman Randal Chevalier.

WHITEHOUSE: The White House