Given the current scandal plaguing the mutual fund industry, it is now more important than ever to recognize the efforts of those who have stayed true to shareholders and generated outstanding long-term results.

That's what Morningstar is saying about its latest Manager of the Year awards, long viewed as a measure of strong single-year performance. The Chicago-based fund tracker said that long-term track records and managers who have made "real money" for investors are also an important part of the selection process. With all the indiscretions and finger pointing that have come to light since early September, the industry could use some positive feedback.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.