Morningstar and Lipper are third party data providers. They collect mutual fund, stock, hedge fund, and/or variable annuity information from several sources and provide that data to advisers and retail investors alike. Lipper is relied upon more heavily within the industry as Morningstar was originally designed to serve the retail public. Both firms have a deep bench of top-notch analysts and are thought-leaders in the investment marketplace.
Each year Lipper chooses the top firms in all of their categories and Morningstar chooses the top managers in three categories. In 2010 Morningstar took it one step further and announced Morningstar Fund Managers of the Decade. Here are their picks: