"ING have demonstrated a consistent, disciplined and conservative approach to investment management," FundSource says.

"ING have strong people, process and portfolio characteristics, combined with consistent fund performances.

ING have accumulated high levels of team and industry experience over the years.

The runner-up this year was AXA which has a funds management joint venture with Alliance Capital. However FundSource says it was a tight finish in the minor placings with AXA, just edging out Tower.

Nominees for the awards are selected on the basis of satisfying a set of more than a dozen criteria, primary among which are a disciplined approach to investment management, the ability to retain skilled resources across various asset sectors and the ability to deliver consistent performance.

The winners are eventually selected on the basis of their ability to deliver superior risk adjusted performance relative to their peers.

Within the sector Awards, ING, Tower and Guardian Trust featured in three sector categories each. Tyndall Investments also featured in three categories as sub-managers of some Guardian Trust and Asteron funds.

There were no nominees in the New Zealand Property, diversified defensive or diversified growth sectors.

NZ Funds Management was not considered for the Fund Manager of the Year Award.