Hedge fund manager Brevan Howard was the surprise winner of the European firm of the year award at last night's Financial News European Awards for Excellence in Institutional Asset Management but defending champion BlackRock romped home with victories in two other categories, including the prestigious Chief Executive of the Year, won, for the fourth year in a row, by Larry Fink.

More than 250 representatives of pension schemes, investment consultants and fund managers celebrated Financial News' 12th Awards for Excellence in Institutional Asset Management last week at the Banqueting House, Whitehall, packing the venue to its maximum capacity.