Morningstar stars may be losing their sparkle, according to two recent reports.

Performance data appears on websites all over the Internet, taking some of the prestige and importance out of the stars that fund tracker Morningstar of Chicago awards top-performing funds, according to Merrill Lynch of New York and Barra Strategic Consulting of Berkeley, Calif. The two firms issued a report in June called "Success in Investment Management: Building and Managing the Complete Firm."

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