Big name institutions have dominated most of the investment categories in Morningstar's awards for 2009.

Advance Asset Management, Colonial First State Global Asset Management and PIMCO are the top three finalists in Morningstar's fixed interest category.

The listed property sector category included large fund managers AMP Capital, ING Investment Management and MLC Investments.

"Anyone who says institutions do not have well-resourced and talented teams are wrong. Large fund managers dominated many of our award categories," Morningstar co-head of research Chris Douglas said.

The two new entrants for the 2009 awards were MLC Investments and Advance Asset Management, according to Douglas.

Both managers in addition to Schroders were also finalists in the multi-sector category.

"In the multi-sector category for example, Advance, MLC and Schroders have a real focus on downside protection when the markets fall. There is a strong focus from all three investment houses to protect investors when returns go south," Douglas said.

Investment firm Schroders is also among the finalists in the international equity category and is also in the running for the fund manager of the year award. 

Boutique managers that are among the award finalists included Pengana Capital and Perennial Value for the Australian equity small caps sector, Arrowstreet Capital in the international equity category, and Concord Capital in the Australian equities sector.