Lipper courted both fund firms and the financial media today with a special award lunch for top performing funds. The event was the first held by the fund rater and one of the 15 it is planning to honor in different markets around the world, said Michael Peace, CEO of Lipper. Twelve of those events have already taken place.

Roughly one hundred turned out today for the awards luncheon, including about three dozen members of the financial media and three score representatives from the fund firms winning an award.

Peace used the luncheon as an opportunity to explain Lipper's role as an independent evaluator of the fund market. He also took a disguised jab at Morningstar, Lipper's Chicago-based rival.

"We don't expect to be managing wrap accounts or taking basis points for any of our products," said Peace. The reference was to Morningstar's year-old managed account business that it markets to registered investment advisors.

Lipper awarded three overall awards to fund complexes. The winner for best overall group was American Funds, Baron Funds won the equity group award, MFS Investment Management the mixed-equity group and Aquila Management the best fixed income group.

It also recognized 22 funds with awards for consistent returns.  

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