Axa/Alliance Bernstein has won the Morningstar fund manager of the year award for 2006. It was one of three finalists that included AMP Capital and Barclays Global Investors.

Ausbil Dexia, which won the overall award in 2005, failed to pick up any gongs this time round.

Morningstar said that Axa's relationship with Alliance Bernstein and its strength in equities were key factors in determining the award.

"The overall award was clearly won in the equity space. Equity returns can really make or break a portfolio so we give it extra weighting," Morningstar's head of research Anthony Serhan said. "Alliance Bernstein has clearly put a number of quality offerings together that have delivered for investors."

Morningstar also recognised the Global Bernstein Value Fund, which scooped the international equities category.

The Multi-Sector Fund Manager of the Year award was won by AMP Capital.

Morningstar said AMP Capital's win was due to a combination of adept moves at the asset allocation level and solid contributions in individual asset classes.

Macquarie Funds Management came top in two categories. It was awarded Fixed Interest Fund Manager of the Year and Domestic Equities, Small Cap Fund Manager of the Year.

"Macquarie uses a best-of-breed approach to select offshore managers to run its high-yield and emerging market debt exposures," Morningstar said in reference to the fixed interest award.

The Domestic Equities Fund Manager of the Year went to Fidelity Investments. Morningstar singled out its portfolio manager Paul Taylor.

"Taylor played the resources boom adeptly, capturing more than his share of the top performers without taking undue risk in the portfolio," it said.

Global Value Investors (GVI) won the top prize for the Emerging Fund Manager of the Year for International Equities.

GVI was the only finalist in this category based in Australia. The runners up, Acadian Asset Management and the Morgan Stanley Global Franchise, are both based offshore but distributed by local players.

The Fund Manager of the year for Listed Property went to Deutsche Bank's ex-Australian global listed property strategy - now called RREEF.

"The well-resourced and experienced team doesn't limit its investments to stocks in the index, but also seeks to add value by investing in stocks outside the index," Morningstar said.

Most Improved Fund Manager of the Year for Domestic Equities was awarded to Axa/Alliance Growth, which Morningstar said has taken the necessary steps to overhaul a strategy that was "distinguished previously by its flaws".