A York asset management firm is being showered with plaudits.

A fund launched by London York Asset Management has been ranked second out of 91 in the Lipper Reuters index this month.

Last month the London York Select Income Fund was ranked number one in the Balanced Managed three-year performance sector by Standard & Poors assessors in association with money Management. It was also rated by Standard & Poors' as the most consistent outperformer out of almost 100 funds in the past three years.

Now London York's Select Income and Global Growth funds have both been shortlisted in the UK Retail Fund of Funds Awards. by a judging panel which includes independent consultants and financial researchers.

The firm's rivals include investment "big guns" such as Jupiter, Henderson and Fidelity.

The Select Income Fund, is managed by Andy Tuck, former pupil of St Peter's School, York at the firm's base in Foss Islands Road, York.

London York Fund Managers was started in 1980 by five professionals seeking to provide innovative solutions for rich clients.

Over the next decade it established pension funds, management, administration and provision of life assurance and investment schemes.

Now the London York Group of companies consists of London York Asset Management, London York Financial Services and London York Pensions Management, employs 40 people and has about £250 million under management.

David Hetherton, group managing director, said: "Our Select Income Fund actually made money in the most appalling investment climate in a quarter of a century.

"The average fund in that sector lost 17.68 per cent over the three years. Our fund was up by 4.5 per cent."

Updated: 09:31 Tuesday, November 25, 2003