Westpac Bank's investment arm BT Funds Management has received the top gong at the FundSource awards.

The annual awards recognise the top performing fund managers in New Zealand and were held in Auckland at NZME central tonight.

Funds must pass qualitative and quantitative screening to be part of the selection process, before being analysed on a performance based approach.

Overseas funds, who were allowed to enter for the first time this year, needed to demonstrate a strong commitment to the New Zealand market.

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Glen van Echten, head of FundSource - a fund research firm owned by the NZX - said he was delighted to see New Zealand based fund managers take home the majority of the awards even though overseas funds were eligible this year.

"The FundSource Awards once again highlight the strong calibre of New Zealand fund managers, and the strength of our local industry."

The event has 10 sector awards and four main awards which include the longevity award, KiwiSaver manager of the year, boutique manager and fund manager of the year.

Milford Asset Management won both the longevity and the KiwiSaver fund manager of the year award for the second year in a row.

While Forsyth Barr won the boutique manager of the year award.

As well as taking out the fund manager of the year award BT Funds Management received the sector award for the Australasian property sector.

Darren Howlin, chief awards judge and Research IP director and founder, said the competition was very tight this year with several new funds coming through and the inclusion of Australian fund managers for the first time.

"The FundSource Awards demonstrate that New Zealand's funds management industry is healthy and robust, and looking better than ever to meet the needs of investors."

FundSource Fund Manager award winners
• Australasian Property Sector - BT Funds Management - Westpac Premium Investment Property Fund
• Global Property Sector - Fisher Funds - Property & Infrastructure Fund
• Alternatives Sector - AMP Capital - Global Multi Asset Fund
• New Zealand Fixed Interest Sector - QuayStreet Asset Management - Fixed Interest Fund
• International Fixed Interest Sector - Bentham Asset Management - Bentham Wholesale Global Income NZD Fund
• New Zealand Equity Sector - Smartshares - NZ Mid Cap
• Australia Equity Sector - Macquarie Investment Management Australia - High Conviction Fund
• Australasian Equity Sector - Harbour Asset Management - Australasian Equity Focus Fund - Retail
• International Equity Sector - Fiducian Funds Management - Technology Fund
• Diversified Sector - AMP Financial Services - eInvest Funds
• Longevity Award - Milford Asset Management - Diversified Income Fund
• Boutique Manager of the Year - Forsyth Barr Investment Management
• KiwiSaver Manager of the Year - Milford Asset Management
• Fund Manager of the Year - BT Funds Management