Wellington Management, the Boston-based partnership with $390bn (€308bn) in assets, is the best institutional fund manager in the US, according to Casey, Quirk & Acito (CQA), the consultants.

Wellington was ranked in the top 10 for performance quality in nine of 27 product groups analysed by CQA. Fidelity made the top 10 in seven categories, Pimco in six and Alliance Bernstein in five. The performance quality scores assess fund managers according to quality of returns, style and risk consistency.